Standard Chartered provides $225 million senior secured syndicated term loan to refinance Cinnamon Life

Standard Chartered Sri Lanka has recently arranged a senior syndicated term loan facility in the aggregate amount of $225 million to Waterfront Properties Ltd., acting as mandated lead arranger and bookrunner.

Proceeds from the facility were used to refinance the existing $395 million facility provided to Waterfront Properties Ltd. in 2014 for the development of Cinnamon Life, which is one of the largest mixed-use properties in Sri Lanka. Standard Chartered has successfully syndicated the refinance facility with the core group of existing lenders, which includes Hatton National Bank PLC, Commercial Bank of Ceylon PLC, HSBC and National Development Bank PLC.

Waterfront Properties Ltd. is a wholly owned subsidiary of John Keells Holdings PLC, Sri Lanka’s largest publicly traded conglomerate, while its Cinnamon Life project is nearing completion with the residential and commercial components of the project being finalized. The project includes a hotel, conference, office, residential apartment, retail and entertainment spaces covering a total gross floor area of ​​4.5 million square feet. in the heart of Colombo.

Tamani Dias, Head of Local and International Business, Standard Chartered Sri Lanka, said: “Despite the challenges faced by the ongoing pandemic, Standard Chartered remains committed to meeting the demands of our customers, and this facility is an excellent example of our dedication to serving our customers. customers in a timely manner.

“Furthermore, this transaction is also a great demonstration of teamwork and seamless collaboration between the bank’s multiple teams including South Asia Financing Solutions, South Asia Commercial Real Estate, Client Coverage Sri Lanka, Credit, Legal , Loan Documentation Unit and Operations.”

The successful execution of the syndicated funding facility marks another key milestone in Standard Chartered’s relationship with John Keells Group while reinforcing the status of principal bank. The transaction also marks Standard Chartered’s continued commitment to supporting corporate clients in Sri Lanka with bespoke financial solutions.