Genting Hong Kong has raised USD900million through the successful completion of a sale and leaseback transaction of one of Dream Cruises’ cruise ships – the 2016-built, 150,000 gross ton Genting Dream.
A major milestone for all parties, this marks the first ever sale and leaseback transaction that was closed with a consortium of four Chinese leasing companies, through their special purpose vehicles indirectly wholly-owned by Bank of Communications Financial Leasing Co., Ltd, CMB Financial Leasing Co., Ltd, CCB Financial Leasing Corporation Limited and China Development Bank Financial Leasing Co., Ltd respectively with DNB Markets acted as advisor to Genting Hong Kong. Part of the funds received was used for repayment of the outstanding balance of approximately USD502million 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 and chief executive 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 Southeast Asia with exciting new destinations including Christmas Island and Belitung in addition to popular destinations such as Palawan and Kota Kinabalu. As well, we are looking forward to the highly anticipated debuts of Crystal Endeavor in August this year and of Global Dream in 2021.”
In just over three short years of operation, Dream Cruises’ has grown to its current fleet of Genting Dream, World Dream and Explorer Dream. With the youngest and most modern fleet in the world, Dream Cruises has been honoured with a series of prestigious international awards and accolades from Asia and across the globe.