Robinsons & Company Announces S$175m Recapitalisation Facility
Robinsons & Company, the Singapore-based retailer, has announced the closing of an S$175m senior secured credit facility. The five-year facility, structured as a leveraged recapitalisation, is the first deal of its kind in Singapore since the 2008 global financial crisis. This financing also represents Robinsons’ first ever syndicated debt financing in its 150-year history.
The mandate for the deal came from the Al-Futtaim Group (AFG), the Dubai-based conglomerate, which acquired Robinsons in 2008 via a voluntary delisting from the Singapore Stock Exchange. AFG sought the senior secured credit facility to improve Robinsons’ capital efficiency and refinance existing indebtedness.
Standard Chartered co-ordinated the bank syndicate, which also comprised HSBC, OCBC and UOB.
John Wartig, group finance director, Al-Futtaim Group said: “We are extremely pleased with the way the facility has been skilfully managed. This transaction will underpin our strategy to further expand our business interests in the region. It also represents the first leveraged loan recapitalisation deal in Singapore since the financial crisis. The heavy involvement of Singaporean and Asian banks in this deal positively signals their preparedness to provide continuing support to blue-chip names despite a challenging market environment.”