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Standard Chartered grants $ 225 m to refinance Cinnamon Life project 

27 Jan 2022

A Senior Secured Syndicated Term Loan Facility amounting to a total of $ 225 million has been arranged by Standard Chartered Sri Lanka  to Waterfront Properties (Pvt.) Ltd., acting as the Sole Mandated Lead Arranger and Bookrunner.  Commenting on the transaction, Standard Chartered Sri Lanka Head of Local and International Corporates Tamani Dias said: “Despite the challenges faced by the ongoing pandemic, Standard Chartered remains committed to fulfilling the requirements of our clients, and this facility serves as a prime example of our dedication to service our customers in a timely manner. Further, this transaction is also an excellent demonstration of the seamless teamwork and collaboration across 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 proceeds from the facility were used to refinance the existing $ 395 million facility provided to Waterfront Properties (Pvt.) Ltd. in 2014 towards the development of Cinnamon Life, which is one of the largest mixed use properties in Sri Lanka. Standard Chartered successfully syndicated the refinancing facility with the core group of existing lenders which includes Hatton National Bank PLC (HNB), Commercial Bank of Ceylon PLC (ComBank), HSBC, and National Development Bank PLC (NDB). The execution of the syndicated financing facility marks another key milestone in Standard Chartered’s relationship with John Keells Group while strengthening the core bank status. The transaction also marks Standard Chartered’s continued commitment to support corporate clients of Sri Lanka with bespoke financial solutions.  Waterfront Properties (Pvt.) Ltd. is a fully owned subsidiary of John Keells Holdings PLC, Sri Lanka’s largest listed conglomerate, while its project Cinnamon Life is nearing completion with both the residential and commercial components of the project being finalised. The project consists of hotel, conference, office, residential apartment, retail, and entertainment spaces spanning a total gross floor area of 4.5 million sq. ft. in the heart of Colombo. 

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