It said in a statement that the cruise ship involved in the transaction was the 2016-built, 150,000 gross tonne Genting Dream.Describing it as a major milestone for all parties, it said the transaction was with the four Chinese companies through their special purpose vehicles (SPVs).
These SPVs were indirectly wholly-owned by Bank of Communications Financial Leasing Co, Ltd, CMB Financial Leasing Co, Ltd, CCB Financial Leasing Corporation Ltd and China Development Bank Financial Leasing Co, Ltd respectively. DNB Markets acted as advisor to Genting Hong Kong.
Part of the funds received was used to repay the outstanding balance of about US$502mil for an existing bank loan for Genting Dream.
Chairman and chief executive of Genting Hong Kong Tan Sri Lim Kok Thay said: “We are very appreciative of the consortium for supporting Genting Hong Kong in the refinancing of Genting Dream which allows a longer repayment period with a balloon payment at the end of 12 years.”
“With the completion of this transaction, the group is now focusing on launching new summer itineraries for Dream Cruises which will showcase the best of South-East Asia with exciting new destinations including Christmas Island and Belitung in addition to popular destinations such as Palawan and Kota Kinabalu.
“As well, we are looking forward to the highly anticipated debuts of Crystal Endeavor in August this year and of Global Dream in 2021.”
In just over three years of operation, Dream Cruises’ has grown to its current fleet of Genting Dream, World Dream and Explorer Dream.
With the youngest and most modern fleet in the world, Dream Cruises has been honoured with a series of prestigious international awards and accolades from Asia and across the globe.
Genting Hong Kong’s main businesses are cruise and cruise related operations along with leisure, entertainment and hospitality activities.
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