Summary: Hyflux secured only a S$150 million bank loan for its S$890 million Tuaspring project due to cash flow concerns. Banks estimated the desalination plant’s cash flows could support only S$150-170 million of debt, leading Hyflux to provide a S$252 million base equity commitment. The project was ultimately financed by a S$840.4 million shareholder’s loan, later refinanced with Maybank.

Link: https://www.businesstimes.com.sg/companies-markets/hyflux-got-only-s150-million-bank-loan-s890-million-project-because-cash-flow-concerns