Standard Chartered Sri Lanka has arranged a Senior Secured Syndicated Term Loan Facility of US$225 million to Waterfront Properties (Private) Limited, acting as the Sole Mandated Lead Arranger and Bookrunner.
The proceeds from the facility were used to refinance the existing $395 million facility provided to Waterfront Properties (Private) Limited in 2014 towards the development of Cinnamon Life, which is one of the largest mixed used properties in Sri Lanka. Standard Chartered successfully syndicated the refinancing facility with the core group of existing lenders which includes Hatton National Bank PLC, Commercial Bank of Ceylon PLC, HSBC and National Development Bank PLC, the bank said in a media release.
Waterfront Properties (Private) Limited is a fully owned subsidiary of John Keells Holdings PLC while its project Cinnamon Life is nearing completion with both the residential and commercial components of the project being finalised. The project consists of hotel, conference, office, residential apartment, retail and entertainment spaces spanning a total gross floor area of 4.5mn sqft in the heart of Colombo.
Commenting on the transaction, Tamani Dias, Head of Local & International Corporates, Standard Chartered Sri Lanka, said, “Despite the challenges faced by the ongoing pandemic, Standard Chartered remains committed to fulfilling the requirements of our clients, and this facility serves as a prime example of our dedication to service our customers in a timely manner. Further, this transaction is also an excellent demonstration of the seamless teamwork and collaboration across the bank’s multiple teams, including South Asia Financing Solutions, South Asia Commercial Real Estate, Client Coverage Sri Lanka, Credit, Legal, Loan Documentation Unit and Operations.”
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