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Published on December 27, 2007

The transaction involves the issue and sale of secured floating-rate debentures, with the proceeds to be used for refinancing, completion of unfinished projects, working capital and other expenses. The first drawdown, principally for refinancing, is available immediately.

Previously, Grande Asset's financing has been arranged with multiple financial institutions and varying terms and conditions applied to each facility. This new, consolidated, three-year financing package effectively replaces those facilities with a more efficient and cost-effective arrangement with a single financial institution. This three-year term will see through the completion of construction projects and establish a strong framework for post-construction refinancing through local banks.

CEO Markland Blaiklock said the transaction was the basis of a firm commitment to all of its stakeholders, particularly customers, and that the company was determined to achieve fast-track completion of construction, upgrades and renovations on its projects.

Grande Asset will continue to ensure that finalising these projects will be undertaken with the objective of maintaining the highest-possible construction and design standards, overall quality of decorations and furnishings and ongoing property maintenance and upgrades.

Grande Asset recently hired US-based CM&D, a specialist provider of construction-management services, to undertake a top-to-bottom review of all of its projects, evaluate them and recommend the "best practices" needed to complete these projects professionally to the highest international standards. CM&D will also apply its proven effective fast-track engineering and construction methodologies in forming its evaluations and final recommendations.

Blaiklock said all of the company projects, in Bangkok, Hua Hin and Pattaya, were strategically located, incorporated innovative, cutting edge architectural and interior design concepts and had demonstrated strong appeal to both Thai and foreign buyers.

The company will remain very customer-service-oriented and continue to be proactive and transparent in providing guests, tenants and owners of its different properties regular status updates on all of its projects, he said.