Genting to borrow $169.4 million for ship construction

Genting Hong Kong has entered into a EUR160 million (US$169.4 million) facility agreement with KfW IPEX-Bank GmbH in order to finance part of the cost of construction and purchase of ships.

According to the company’s filing to the Hong Kong Stock Exchange on Thursday, the final repayment date of the loan will be 102 months after the utilization date for the relevant ship.

The facility also requires the Lim family, who are the majority shareholders of the group, to continue to hold the largest percentage of equity interest in the company.

Non-compliance with this rule will constitute a ‘mandatory prepayment event’, and the lenders may cancel any commitments of the lender(s) under the facility agreement.