casinos, has completed the sale and leaseback exercise of its Genting Dream vessel<\/strong><\/em><\/a> for a total consideration of \u20ac807 million.<\/p>\n\n\n\n\u201cPart of the funds received was used for repayment of the outstanding balance of approximately US$502 million (\u20ac450 million) in respect of the existing bank loan for Genting Dream,\u201d said Genting Hong Kong in a statement to the press.<\/p>\n\n\n\n
The filing identified the purchasers as entities linked to four mainland China-based banks: BCLC SPV, an investment holding company controlled by the Bank of Communications Ltd; CMBFL SPV, a subsidiary of China Merchants Bank Co Ltd; CCBFL SPV, an indirect wholly-owned subsidiary of China Construction Bank Corp; and China Development Bank Financial Leasing Co Ltd.<\/p>\n\n\n\n
The deal was first announced in September, and included a \u201cbareboat charter agreement\u201d of Genting Hong Kong\u2019s subsidiary under which the suitors agreed to lease back the vessel to Genting Dream Ltd for a period of 12 years, commencing from the date the ship is delivered to the purchasers.<\/p>\n\n\n\n
Under the agreement, Genting Hong Kong is to repurchase the vessel once the 12-year charter period ends. The agreement also states that Genting Hong Kong can exercise a purchase option during the leasing period or that an agent acting on behalf of the purchasers can exercise a put option, allowing it to sell the vessel under certain conditions.<\/p>\n\n\n\n
\u201cWe 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,\u201d said Lim Kok Thay, Chairman and Chief Executive of Genting Hong Kong, in a filing.<\/p>\n\n\n\n
He added: \u201cWith the completion of this transaction, the group is now focusing on launching new summer itineraries for Dream Cruises \u2026 with exciting new destinations.\u201d<\/p>\n\n\n\n
Genting Dream, the first ship of the Dream Cruises brand, made its maiden voyage in April 2017. The vessel is one of three existing cruise ships operated under the Dream Cruises brand. <\/p>\n","protected":false},"excerpt":{"rendered":"
Genting HK-owned vessel has been sold for a total consideration of \u20ac807 million.<\/p>\n","protected":false},"author":2,"featured_media":2076,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Genting Hong Kong has completed a significant \u20ac807 million sale and leaseback transaction for its Genting Dream vessel with a consortium of China-based banks. This refinancing initiative provides a longer repayment period and enhances liquidity, enabling the group to focus on new operational initiatives for its Dream Cruises brand. The agreement includes a 12-year bareboat charter with options for repurchase or sale.","focusai_entities":"Genting Hong Kong Ltd, Lim Kok Thay, BCLC SPV, Bank of Communications Ltd, CMBFL SPV, China Merchants Bank Co Ltd, CCBFL SPV, China Construction Bank Corp, China Development Bank Financial Leasing Co Ltd, Genting Dream Ltd, Dream Cruises","focusai_location":"Hong Kong, China","focusai_target_profile":"ceo_executive (0.95), regulator (0.7), operator_casino (0.9), marketing_crm (0.7), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Capital Structure Impact","query":"How will this sale and leaseback transaction specifically alter Genting Hong Kong's debt-to-equity ratio and overall capital structure, and what are the implications for its cost of capital?"},{"label":"Operational Strategy Shift","query":"Beyond new itineraries, how does this refinancing enable Genting Hong Kong to strategically reallocate capital towards other gaming verticals or market expansion initiatives?"}],"footnotes":""},"categories":[160,28,16338],"tags":[29,1619],"class_list":["post-2459","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-casino-news","category-east-asia-news","tag-casino","tag-hong-kong"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/2459","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=2459"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/2459\/revisions"}],"predecessor-version":[{"id":2483,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/2459\/revisions\/2483"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/2076"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=2459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=2459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=2459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}