HSBC has launched the $450 million refinancing for Malaysia's Star Cruises, the world's third biggest cruise business in which the Genting conglomerate is the major shareholder. Banks are being invited to join the syndication group with the closing date for commitments scheduled for the third week of December, according to reports.
The loan has been split into two tranches a $150 million three-year revolving credit facility with an average life of 2.25 years and a $300 million seven-year amortizing loan that has a 5.25 year average life.
The three-year piece will pay a margin of 162.5bp over Libor, which is repayable in four equal semi-annual installments after 18 months. The loan is secured by...
