Leading offshore law firm Appleby acted as Bermuda and Isle of Man counsels to security agent DNB Asia Ltd. (DNB Bank) on its US$300 million term loan facility provided to Crystal Acquisition Company Limited (Borrower). The loan facility, provided together with Credit Agricole Corporate and Investment Bank and Sumitomo Mitsui Banking Corporation, was guaranteed by Genting Hong Kong Limited (Genting).
John Melia (pictured), a partner in Appleby’s Hong Kong office, led the transaction, assisted by associate Vincent Chan. Norton Rose Fulbright acted as onshore counsel to DNB Bank.
Genting is a Bermuda company with its primary listing on the Hong Kong Stock Exchange and secondary listing on the Singapore Stock Exchange. It is a leading global leisure, entertainment and hospitality enterprise, with core competences in both land- and sea-based businesses. The loan facility will be used by Genting to finance the acquisition of two ships registered in the Bahamas, “Crystal Symphony” and “Crystal Serenity”, from Nippon Yusen Kabushiki Kaisha, one of the world’s largest shipping, logistics, air cargo and transport companies.
According to Genting, the deal presented an “excellent opportunity” to take advantage of growing demand in the luxury cruise market.