Universal Studios closes Japan’s biggest project financing to date
Universal Studios of Japan has closed a ¥125 billion syndicated
loan with 18 financial institutions to build a theme park in Osaka
City. The deal ? the biggest ever project financing in Japan ?
signed on September 30.
Construction on the site has begun and opening is scheduled for 2001. Sponsors of USJ are City of Osaka (25%); Universal Studios (24%); Rank Holdings (10%), Sumitomo (5%) Hitachi Zosen (5%) and others (25%).
Syndication was led and lead arranged by re-named Development Bank of Japan (formerly Japan Development Bank) which has put ¥45 billion into the deal. Participants and co-arrangers include Sumitomo Bank, Sanwa Bank, Daiwa Bank and Fuji Bank, putting up ¥40 billion in total.
Sakura, DKB, Tokai, BOT Mitsibushi, Sumitomo Trust, Mitsubishi Trust, Toyo Trust, Yasuda Trust, Nippon Life Sumitomo Life, Norin-Chukin, Zenshinren, and Nissay General Insurance also participated taking a further total ¥40 billion. Facility agent bank is Sumitomo with Sanwa acting as security agent.
Total project costs are ¥170 billion of which equity will constitute ¥40 billion. The Development Bank of Japan loan has atenor of between 10 and 15 years starting from day one of commercial operation of the theme park.
Maturity on the commercial bank loan is 10 years after opening. The repayment schedule is six-monthly equal instalments.
Pricing has not been released but according to market sources an average 10-year Japanese project financing would come in at between Libor-plus 150bp to 200bp.
The deal is backed by a charge over the Tourist Facilities foundation ? in effect a bundle of theme park assets.
The merged Japan Development Bank/North East Finance of Japan has opened for business under the new name ? the Development Bank of Japan.
Part of a larger effort to streamline Japan's special corporations, the consolidation is intended to promote prioritization of functions, a reduction in the number of regular directors, and the elimination of redundant systems.
The bank will be heavily involved in the development of Japanese public-private partnerships.
Construction on the site has begun and opening is scheduled for 2001. Sponsors of USJ are City of Osaka (25%); Universal Studios (24%); Rank Holdings (10%), Sumitomo (5%) Hitachi Zosen (5%) and others (25%).
Syndication was led and lead arranged by re-named Development Bank of Japan (formerly Japan Development Bank) which has put ¥45 billion into the deal. Participants and co-arrangers include Sumitomo Bank, Sanwa Bank, Daiwa Bank and Fuji Bank, putting up ¥40 billion in total.
Sakura, DKB, Tokai, BOT Mitsibushi, Sumitomo Trust, Mitsubishi Trust, Toyo Trust, Yasuda Trust, Nippon Life Sumitomo Life, Norin-Chukin, Zenshinren, and Nissay General Insurance also participated taking a further total ¥40 billion. Facility agent bank is Sumitomo with Sanwa acting as security agent.
Total project costs are ¥170 billion of which equity will constitute ¥40 billion. The Development Bank of Japan loan has atenor of between 10 and 15 years starting from day one of commercial operation of the theme park.
Maturity on the commercial bank loan is 10 years after opening. The repayment schedule is six-monthly equal instalments.
Pricing has not been released but according to market sources an average 10-year Japanese project financing would come in at between Libor-plus 150bp to 200bp.
The deal is backed by a charge over the Tourist Facilities foundation ? in effect a bundle of theme park assets.
The merged Japan Development Bank/North East Finance of Japan has opened for business under the new name ? the Development Bank of Japan.
Part of a larger effort to streamline Japan's special corporations, the consolidation is intended to promote prioritization of functions, a reduction in the number of regular directors, and the elimination of redundant systems.
The bank will be heavily involved in the development of Japanese public-private partnerships.
 |
||||||
|
|
|
|
|
||
|
|
 |
|
|
||
|
|
|
|
|
||
|
||||||
Request a Demo
Interested in IJGlobal? Request a demo to discuss a trial with a member of our team. Talk to the team to explore the value of our asset and transaction databases, our market-leading news, league tables and much more.