Marina Bay Sands has reportedly secured a record SG$12 billion ($9 billion) loan to help fund the expansion of the integrated resort in Singapore.
According to Bloomberg, the multi-tranche loan was coordinated by DBS Group Holdings, Malayan Banking, OCBC and the United Overseas Bank. Some 22 other lenders were involved when the loan was syndicated to the broader market.
Information about the loan was first revealed last November, with the proceeds expected to be used to finance an existing SG$ billion ($3 billion) seven-year loan from August 2019, as well as to help fund MBS’ expansion. Expansion costs have risen to around $8 billion, up from the $3.3 billion estimate in 2019.
The expansion plan – entitled MBS IR2 – includes a fourth hotel tower with over 570 rooms, expanded casino space, a 15,000-seat arena, sky roof and 110,000 square feet for MICE.
The new loan is said to be the largest syndicated loan in Singapore’s history, beating a 2012 loan that totaled SG$9.3 billion ($6.93 billion).
