Genting Singapore PLC (GIGNY, G13.SG) said Friday its unit Resorts World at Sentosa Pte. Ltd. has signed a deal with five banks to refinance S$4.2 billion of loans.

The proposed refinancing is fully underwritten by the mandated lead arrangers--The Bank of Tokyo-Mitsubishi UFJ Ltd., DBS Bank Ltd., The Hongkong and Shanghai Banking Corp. Ltd., Oversea-Chinese Banking Corp. (O39.SG) and Sumitomo Mitsui Banking Corp. (SMFG, 8316.TO), the casino resorts operator said in a statement to Singapore Exchange.

The refinancing of loans, originally taken in 2008 for the construction of the resort at Singapore's Sentosa Island, will allow greater flexibility for the use of funds, the statement said.

The banks have committed S$3.5 billion in term loan facilities and S$0.5 billion in revolving credit facilities and the loans are currently being syndicated, it added.

-By Gaurav Raghuvanshi, Dow Jones Newswires; +65 64154 154; gaurav.raghuvanshi@dowjones.com
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