Company: TGE
Filing Date: 2025-07-10
Form Type: 424B3
Source: 0001213900-25-062835
Chunk: 35

Company: Generation Essentials Group
Filing Date: 2025-07-10
Form: 424B3
Chunk 35
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 us to sell additional equity or debt securities or to obtain a credit facility. The sale of additional equity or equity-linked
securities could dilute our shareholders’ shareholdings. Any incurrence of indebtedness will also lead to increased debt service
obligations, and could result in operating and financing covenants that may restrict our operations or our ability to pay dividends to
our shareholders.

Specifically, we must periodically
spend money to fund new hotel investments, as well as to refurbish and improve existing hotels. The availability of funds for new investments,
and improvement of existing hotels depends in large measure on our ability to access the capital markets. Obtaining financing on attractive
terms has been, and may in the future be further, constrained by the capital markets for hotel and real estate investments.

We face risks associated
with debt obligations that are scheduled to mature in the near term

Some of our existing debt
obligations are scheduled to mature within the next 12 months. iclub AMTD Sheung Wan Hotel is mortgaged to The Bank of East Asia,
Limited in relation to loan facilities in the aggregate principal amount of HK$396,100,000 and Dao by Dorsett AMTD Singapore is mortgaged
to RHB Bank Berhad in relation to loan facilities in the aggregate principal amount of SGD217,000,000. Our ability to refinance or repay
these obligations will depend on various factors, including our financial condition, cash flow generation, creditworthiness and prevailing
market conditions at the time of refinancing. If we are unable to refinance our maturing debt on favorable terms, or at all, we may face
liquidity constraints, increased financing costs or default risks, which could materially and adversely affect our financial position
and operations.

The availability and terms
of refinancing are subject to macroeconomic conditions, interest rate fluctuations and the overall health of credit markets. We could
be challenged with more stringent borrowing terms, higher interest rates or additional collateral requirements, or an unwillingness to
extend credit in general. Additionally, our ability to refinance our debt may be influenced by our credit ratings, financial performance
and leverage ratios. Any deterioration in our financial metrics, operational performance or market perception could negatively impact
our access to capital and increase the cost of refinancing. Furthermore, covenants associated with existing or new debt agreements may
restrict our ability to pursue certain refinancing options or require compliance with specific financial thresholds, which could further
complicate the refinancing