ECONOMYNEXT – Sri Lanka’s John Keells Holdings (JKH) in December has refinanced 325 million US dollars of a 395 million US dollar syndicated loan facility borrowed for Cinnamon Life, the company said in a disclosure on Monday.
It was refinanced through a 225 million US dollar long-term loan facility and a six-month bridging facility of 100 million US dollars.
The 395 million US dollar loan was due to be repaid in July 2022.
“The 225 million US dollar facility was concluded at a rate similar to the previous facility taking into account step-down pricing mechanisms based on pre-agreed triggers. The facility is a 5-year loan with a 2-year grace period and back-ended capital payments,” the company said in its disclosure.
“The 100 million US dollar bridging facility was structured in order to align with the maturity date of July 2022 of the original facility.”
The company did not give details of interest rate of the new loan facilities.
The rest of the 395 million US dollar loan is expected to be financed by apartment sales, a market source said.
The loan was obtained by Waterfront Properties (Private) Limited of the Group that includes a casino, hotel, retail arcade, conference centres, commercial office space and residential apartments. The loan was obtained through Standard and Chartered Bank.