Genting RWS to raise $1.7b via bank loans

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Genting Singapore’s Resorts World Sentosa (RWS), an integrated resort and gaming company, plans to raise S$2.27 billion ($1.66 billion) of bank loans.

A five-year syndicated deal will be split into a S$1.75 billion amortising term loan, a $500 million revolving facility and a $20 million bank guarantee facility. The lead arrangers and bookrunners for this deal are Bank of Tokyo-Mitsubishi UFJ, DBS Bank, HSBC Bank, OCBC Bank and Sumitomo Mitsui Banking Corp.

Proceeds will be repurposed for refinancing and general corporate purposes by Genting Singapore, which recently reported a 36 per cent drop to $89.2 million in Q4 profit, attributable to shareholders, after apportioning $29.7 million for holders of perpetual capital securities. For FY 2014, profit attributable to shareholders dropped 12 per cent, to $517.3 million.

As of 31 December 2014, Genting Singapore had $1.7 billion of borrowings and debt securities. Of this amount, $518.7 million is repayable within 2015. Genting Singapore repaid $525 million of its bank borrowings in 2014, with Resorts World Sentosa as its main asset, contributing $637.3 million of $637.9 million revenue in the Q4 2014.

While the mass and premium mass segments of its gaming business saw growth in Q4 2014, the premium segment saw a decline in win percentages and rolling volumes, to below average levels.

This fundraising round by Genting Singapore is aligned with expansion strategy, as it seeks to diversify its portfolio of assets away from the Sentosa integrated resort, with a planned 550-room hotel in the Jurong Lake district scheduled for opening in May 2015 and additional integrated resort in Jeju, South Korea.

Related Story: Genting Hong Kong to acquire Crystal Cruises for $550m 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.