International firm Simmons & Simmons and Singapore’s Allen & Gledhill have advised on Marina Bay Sands’ (MBS) SGD12 billion (USD8.9 billion) syndicated loan facility, Singapore’s largest to date.
“The successful completion of the deal instils confidence in the Singapore market. Traditionally, real estate finance is dominated by local banks. However, the diverse syndicate comprising premier local and international banks here showcases a new benchmark for future transactions,” Calvin Tan, Simmons & Simmons’ lead partner on this deal, told Asia Business Law Journal.
MBS partnered with Simmons & Simmons on this record-breaking transaction that will finance its expansion. The project includes a fourth tower featuring 570 luxury suites, a 15,000-seat entertainment arena, expanded event space and premium dining options.
Allen & Gledhill acted as transaction counsel to global arrangers DBS, Maybank, OCBC and UOB. Partners Lim Wei Ting and Eudora Tan advised on the financing structure.
Lim highlighted the demand from syndication markets and confidence in Singapore’s financial sector. “Singapore banking space is increasingly active and buoyant. This financing attracted significant demand from the syndication markets despite its record size,” he told Asia Business Law Journal.
