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.
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