Taj Maldives Private Limited

completed

Taj Maldives Private Limited (TMPL, or the company) is a subsidiary of Taj Asia Limited affiliated with the Taj Group, one of the leading hotel chains in India and part of the Tata Group. TMPL owns and operates two resorts in the Maldives. The company is proposing to refinance its existing debt of $17 million, on a limited-recourse basis (the project). IFC will consider a long-term loan of up to $8.5 million to TMPL and further assist through a B-Loan syndication of an additional $8.5 million. Due to limited appetite of banks for long-term financing in Maldives, companies operating in the Maldives have found it difficult to raise long-term debt on a limited-recourse basis. In the past, TMPL financed capital expenditure in its two properties with a combination of short term debt, cash generation, inter-company loans and small equity investments. TMPL would now like to refinance these loans totaling $17 million with longer-term loans, on a limited or non-recourse basis.