Softlogic gets $ 10 m long-term IFC loan for Ceysand Resorts

Wednesday, 17 October 2012 00:26 - - {{hitsCtrl.values.hits}}

Softlogic Holdings Plc Group yesterday announced it has struck a deal with International Finance Corporation (IFC) to raise $ 10 million in a long-term loan to revamp Ceysand Resorts Ltd.

IFC is the private sector investment arm of the World Bank.

Softlogic Holdings Plc, and subsidiaries Ceysand Resorts Ltd. and Softlogic Properties Ltd., have signed an agreement with IFC. The loan is repayable over a 10-year period with a grace of three years. The entire loan will be drawn in US Dollars and has been approved by the Central Bank.

Via the financing, Softlogic will acquire and renovate the 66-room resort at Ceysand Resorts Ltd. and expand it into a 166 room 4-star resort. The deal includes design, construction, operation and maintenance subsequent to the entrustment of the resort under the management of Asia’s hotel brand Centara.