DFCC Bank helps the Maldives structure the largest loan facility to date
View(s):DFCC Bank PLC recently entered into a ‘break-through’ partnership with one of the oldest and most established corporate entities in the Maldives, Cyprea Group of Companies, for a dual-tranche bilateral term loan, together with trade finance and guarantee facility. This landmark transaction is the single largest bilateral deal arranged by DFCC Bank to-date.
Lakshman Silva, Director/DFCC Bank (4th from left) handing over a memento to mark the occasion to Abdulla Saeed, Chairman and Managing Director, Cyprea Group (3rd from left). Also in the picture are from left: Anuradha Hettiarachchi Chief Finance Officer, Cyprea Group; Bandhu I. Saleem Director, Cyprea Group; Shamindra Marcelline Senior Vice President/Head of Corporate Banking, DFCC Bank; and Shuaib M. Shah - Senior Partner, Shah Hussain & Co.
The new term loan was structured by DFCC Bank to refinance existing term borrowings and meet key capital investments and related expenses of Cyprea Group. The trade and guarantee facilities were structured to support Cyprea Group’s thriving energy and travel businesses, the local bank said in a media release.
Since commencing operations in 1978, Cyprea Group has grown to become one of the largest and most respected corporate names in the Maldives. Today, the group’s interests have diversified into many areas including travel and tourism, marine foods, energy, logistics and engineering.
DFCC Bank Director and CEO Lakshman Silva commented, “DFCC Bank is delighted to support and partner Cyprea Group in structuring and arranging this dual-tranche term loan, trade and guarantee facility. This transaction clearly demonstrates DFCC Bank’s capabilities in managing cross-border financing transactions. DFCC Bank continues to be a dominant force in Sri Lanka, and this transaction stands as a further testament to our ability in closing large transactions, and our strong and continued commitment to our stakeholders.”