US$33.5Mn offshore Syndicate Loan structured and arranged by Nations Trust Bank

Nations Trust Bank PLC successfully concluded a landmark US$33.5 million Syndicated Term Loan facility for Bayswater Maldives (Private) Limited, a joint venture between Sanken Overseas (Private) Limited, Singapore Hospitality Holdings Pte Limited and HIMA Holdings (Private) Limited.

The syndicate loan was structured and arranged by Nations Trust Bank PLC with the funding participants being Nations Trust Bank and DFCC Bank. Nations Trust Bank will also act as the Facility Agent and Security Agent for the syndicate.

The facility was granted to finance a green-field eighty room, luxury resort in the Kaafu Atoll, Maldives, the construction of which will be undertaken by Sanken Overseas (Pvt) Limited, the overseas arm of the Sanken Group. This would be the fourth investment by Sanken in the Maldives resort sector.

Speaking at the conclusion of the event, Nations Trust Bank Director/CEO Renuka Fernando said: “This is a landmark transaction by the Bank for an important Corporate Banking client. It highlights our capabilities in Project Finance and Structured Banking and underscores what is a key part of our Corporate Banking strategy. This transaction is also evidence of the confidence placed on Nations Trust Bank by a large Sri Lankan corporate that is operating internationally, to arrange their complex financing requirements.”

Making a further remark at the event, Mevan Gunatilleke, Executive Director of Sanken Overseas (Pvt) Limited appreciated Nations Trust Bank for being a key banking partner in driving their overseas business expansion which is a vital strategic objective for the Sanken Group.

Nations Trust Bank Plc is amongst the top 15 business establishments in Sri Lanka and its Structured Finance unit has made a strong impact in the loan syndication market over the past three years.

From right to left :
Mr Lakshan Wanniarachchi- Assistant Vice President Structured Finance and Institutional Banking (NTB), Mr Hemantha Gunetilleke - Senior Vice President Commercial Banking (NTB) , Ms Renuka Fernando - Director / CEO (NTB), Mr. Mevan Gunatilleke- Executive Director (Bayswater Maldives), Mr. Shamindra Marcelline - Senior Vice President Head of Corporate Banking (DFCC Bank), Ms Mayanthi Ratwatte – Senior Relationship Manager (DFCC Bank)