Supplier News
China – MGM China extends loan by a further $1bn
By Phil - 8 April 2015
MGM Resorts International has announced that MGM China Holdings Limited, a 51 per cent-owned subsidiary, has agreed to restate its Hong Kong Dollar denominated senior credit facilities agreement expanding the facility by $1bn and extending the maturity by 18 months.
The amended and extended facilities will consist of a US$1.55bn equivalent term loan, an increase from the previous $550m term loan andUS$1.45bnequivalent revolving credit facility. The facilities will amend and restate the existing US$2bn credit facilities of MGM China Holdings Limited, in their entirety, and extend the term of those facilities to April, 2019.
MGM China President and CEO Grant Bowie said: “We are very pleased with the support from our lenders which allows us to upsize the credit facility to US$3bn. This financing will be used for general corporate purposes and will provide our Company the financial flexibility to continue to invest in MGM Macau and develop MGM Cotai.”
The proceeds of the amended and restated facilities will be used for the refinancing of the facilities made available under the existing credit facilities of MGM Grand Paradise, including the development of the MGM Cotai.
