Debt Raising

May 11, 2014 (LBO) - Sri Lanka's Waterfront Properties (Pvt) Ltd, a unit of John Keells Holdings that is building an integrated resort has started raising foreign debt with Standard Chartered being appointed advisor. Standard Chartered Bank had given the first 100 million US dollars, as bridging finance for the first phase of the project, the lender said in an announcement this week.

A larger volume of medium term finance within the next 12 months, with which the bridge loan will also be settled, Colin Pawley, Head, Corporate and Institutional Clients at Standard Chartered, Sri Lanka said.

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The exact volume of medium term finance which could be through a syndicated loan would be decided later.

Waterfront Properties, which involves a high end hotel, shopping mall, entertainment, commercial space and apartments, has an estimated investment of 650 million US dollars for the first stage going up to 850 million US dollars at completion.

Its parent, John Keells Holding has already raised equity by a cash call on local and foreign investors.

The project is the single largest started by a private Sri Lankan firm.