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KT Lim affiliate company gives Genting HK $30m bridge loan

Golden Hope, a KT Lim company that holds a 71% stake in Genting Hong Kong, is providing a $30m bridge loan to Genting HK.

Anne Kalosh, Editor, Seatrade Cruise News & Senior Associate Editor, Seatrade Cruise Review

December 15, 2021

1 Min Read
Credit: Seatrade Cruise News

In return, a share charge was granted to Golden Hope. The loan will be available solely for working capital and curing any breach or forecasted breach of Genting HK's minimum liquidity covenant.

The interest rate is LIBOR plus 9%. The loan has no maturity date and shall only be repaid from the proceeds of any company equity financing.

Part of previously announced restructuring

As part of Genting HK's financial restructuring announced in June, Golden Hope undertook to make an equity contribution of up to $30m via a rights issue or to make available a bridge loan of up to $30m until the consummation of the rights issue.

Genting HK subsidiaries Crystal Luxury, Crystal Intermediate and Crystal Acquisition are obligors in the bridge facility agreement. As of June 30, Crystal Intermediate had a net liability of $775.5m based on its unaudited consolidated financial statements.

Ocean World, a Genting HK subsidiary, is the guarantor. 

About the Author

Anne Kalosh

Editor, Seatrade Cruise News & Senior Associate Editor, Seatrade Cruise Review

Anne Kalosh covers global stories, reporting both breaking and in-depth news on cruising's significant people, places, ships and trends. A sought-after expert on cruising, she has moderated conferences around the world, including the high-profile State of the Industry panel at Seatrade Cruise Global. She created and led the acclaimed itinerary-planning case study for Seatrade's cruise master classes held at Cambridge and Oxford universities. She has been the cruise columnist for AFAR.com, and her freelance stories have appeared in a wide range of publications, from The New York Times to The Miami Herald.

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