Pier 16 –Property Development Ltd., the owner of the Ponte 16 casino-hotel in Macau, announced in a statement Tuesday the signing of HK$1.9 billion and 400 million yuan 5-year syndicated loan facilities with 11 banks.
According to the statement cited by The Macau Post Daily today, ICBC (Macau) Ltd. is the mandated lead arranger and bookrunner of the facilities.
The statement said that the loan “will be used primarily to refinance existing credit facilities, to repay shareholders’ loans and to fund the construction of Phase III of the Ponte 16 Resort development.”
The facilities are guaranteed by the borrower’s shareholders, SJM and Success Universe Group at the ratio of 51 percent and 49 percent respectively. The effective interest rate of the total facilities stands at Hong Kong Interbank Offered Rate (HIBOR) plus three percent per annum.
Phase III will be a riverside commercial complex with a total floor area of about 40,000 square metres. In addition to shopping and dining facilities, the complex will encompass space for the expansion of gaming spaces and car parks, according to the statement. Construction of Phase III is slated to be completed by 2014.(macaunews)