MGM China Holdings has announced the issuance of $750 million in aggregate principal amount of 5.875 percent senior notes due 2026, as well as an upsized offering of $750 million in aggregate principal amount of 5.375% senior notes due 2024.
According to a company filing, MGM said it expects to see net proceeds of around $1.48 billion from the notes offering, and intends to use the proceeds to repay part of the outstanding amount of a revolving credit facility and term loan facility under the MGM China Credit Facility.
The offering is expected to close on May 16, 2019, subject to customary closing conditions.
AstroPay is the pioneer payment solution for thousands of consumers in Latin America, Asia and Africa, who want to purchase online on international sites, that helps merchants access new markets through its main product, AstroPay Card.
Consolidation of the bases and advancement in adversity was the thrust of Macau Chief Executive’s policy address for 2021, though it gave little away when it came to the current pillar of the economy - the gaming industry.
Gaming suppliers, like all areas of the industry, have felt the pinch from the Covid-19 crisis, though their growing digital businesses have proved a bright spot and helped offset the impact of the crisis.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.