MGM China Expands Credit Line

Fri, Apr 10, 2015

MGM Resorts International has announced that its Chinese subsidiary has agreed to an amendment and extension of senior credit facilities. The loans will be expanded by US$1 billion and the maturity extended by 18 months; monies are earmarked in part for Macau development (l.).

Deal will help fund MGM Cotai

MGM China Holdings Ltd., a subsidiary of MGM Resorts International, has made a deal with lenders to amend and restate its HKD senior credit facilities agreement, expand the loans by US$1 billion, and extend the maturity by 18 months.

According to a release from the company, the new facilities will include a US$1.55 billion equivalent term loan, up from the previous $550 million term loan, and a US$1.45 billion equivalent revolving credit facility. The facilities will amend and restate the existing US$2 billion credit facilities of MGM China Holdings Ltd. in their entirety, and extend the term of those facilities to April 2019.

“We are very pleased with the support from our lenders which allows us to upsize the credit facility to US$3 billion,” said MGM China President and CEO Grant Bowie said. “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.”