Genting Singapore’s (GENS.SI) Resorts World at Sentosa casino is seeking to borrow around $4.2 billion to pay off an existing loan, Reuters basis point reported on Thursday.

The refinancing comprises a $3.5 billion seven-year amortising term loan and a revolving credit facility.

 

The term loan, which has an average life of 4.13 years, will pay an initial interest rate of 160 basis points over the Singapore dollar swap offered rate.

 

If the debt-to-EBITDA ratio falls to 2.5 times of lower, the interest will fall to 120 bp over SOR.

 

Bank of Tokyo-Mitsubishi UFJ, DBS, HSBC, Oversea-Chinese Banking Corp and Sumitomo Mitsui Banking are lead arrangers and joint bookrunners for the loan.