Genting Hong Kong has raised US$900 million through the sale and leaseback of one of Dream Cruises’ ships – the 2016-built, 150,000-gross-ton Genting Dream.
The deal was closed with a consortium of four Chinese leasing companies through a special purpose vehicle indirectly wholly-owned by Bank of Communications Financial Leasing, CMB Financial Leasing, CCB Financial Leasing Corporation Limited and China Development Bank Financial Leasing.
DNB Markets acted as advisor to Genting Hong Kong.
Part of the funds received was used for repayment of the outstanding balance of approximately US$502 million in respect of the existing bank loan for Genting Dream.
“We 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,” said Tan Sri Lim Kok Thay, chairman of Genting Hong Kong.
“With the completion of this transaction, the group is now focusing on launching new summer itineraries for Dream Cruises which will showcase the best of south-east Asia with exciting new destinations including Christmas Island and Belitung in addition to popular destinations such as Palawan and Kota Kinabalu.”
In just over three years of operation, Dream Cruises’ has grown to its current fleet of Genting Dream, World Dream and Explorer Dream.