JKH refinances US $ 395 syndicated loan

John Keells Holdings PLC (JKH) yesterday said it successfully refinanced a US $ 395 million syndicated loan facility at its flagship project Cinnamon Life, which was due for repayment in July 2022.

JKH said the loan was successfully refinanced in December 2021, through a US $ 225 million long-term loan facility and a six-month bridging facility of US $ 100 million.

“The US $ 225 million facility was concluded at a rate similar to the previous facility, taking into account step-down pricing mechanisms based on pre-agreed triggers. The facility is a five-year loan with a two-year grace period and back-ended capital payments,” a filing by the JKH said.

“The US $ 100 million bridging facility was structured in order to align with the maturing date of July 2022 of the original facility,” it added.