MGM China said the company’s lenders have agreed on a revolving credit facility of HK$9.75 billion ($1.24 billion) that will refinance existing senior secured credit facilities and will be used for working capital.
It said the new facility will replace the existing senior secured credit facilities of the company and MGM Grand Paradise, S.A. in their entirety with effect from August 14, 2019. The loan will carry interest based on a margin of between 1.625 percent and 2.75 percent over HIBOR, depending on the group’s leverage ratio.
MGM China is a unit of MGM Resorts International and operates two IRs in Macau. Its MGM Cotai was the most recent opening on the Cotai Strip, leaving just SJM Holdings yet to operate a property in the area.