Banks refinance Sentosa despite time constraints

04 Jan 2011

Resorts World at Sentosa, the Singaporean developer of Sentosa island, has successfully closed an oversubscribed S$4.19bn ($3.2bn) refinancing — despite giving banks just three weeks to commit.

The five underwriters — Bank of Tokyo-Mitsubishi, DBS, HSBC, OCBC and SMBC — attracted over a dozen further banks to the deal which launched on December 10. Commitments were due by December 31, and an early bird fee of 20bp encouraged banks to commit before December 24.

“Most banks ...

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