JKH successfully refinances syndicated loan facility

John Keells Holdings PLC announced that USD 395 million syndicated loan facility at ‘Cinnamon Life’, which was due for repayment in July 2022, was successfully refinanced in December 2021 through a USD 225 million long-term loan facility and a six-month bridging facility of USD 100 million.

The USD 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 5-year loan with a 2-year grace period and back-ended capital payments, company said in a stock exchange filing.

The USD 100 million bridging facility was structured in order to align with the maturity date of July 2022 of the original facility.