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Donaco extends loan term with Mega Bank through 2020

Ben Blaschke by Ben Blaschke
Tue 15 Aug 2017 at 19:53
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Australian-listed Donaco International Limited has announced that it has signed binding agreements with Mega International Commercial Bank Co Limited to refinance its current term loan facility – extending the repayment period of its remaining debt for an extra two years to August 2020.

The current facility, drawn down in July 2015, was originally for the principal amount of USD$100 million. An additional US$20 million was drawn down in July 2016 to repay a separate working capital facility.

Donaco said it has repaid a total of US$63.4 million in the past two years, with the remaining principal amount of the current facility standing at US$56.6 million.

The previous facility had a three-year term, with the remaining US$56.6 million being repayable within the next 12 months. It consisted of US$20.8 million repayable in January 2018 and the remaining US$35.8 million repayable in July 2018. The new facility will be for an amount of US$57 million.

The term has now been extended to three years from the date of drawdown, expected to be late August 2017 following the completion of the conditions precedent, which Donaco says relates to the perfection of security.

Under the new loan, 15% of the principal amount is repayable every six months with the next principal repayment reduced to around US$8.6 million, due in February 2018.

The interest rate on the loan has also been reduced from 6.75% over the six month LIBOR rate to 6.0%.

In addition, a number of covenants controlling capital management have been relaxed, although there are still restrictions in place until the remaining principal falls below US$50 million, which is expected to occur following the next repayment in February 2018.

Donaco operates Star Vegas Resort in Cambodia near the border with Thailand and Aristo International Hotel in Vietnam near China.

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Tags: Australiabinding agreementsCambodiaDonacoDonaco Internationalloan facilityMega InternationalThailand
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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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