MGM China Holdings Limited said Wednesday that its $750 million 6.25 percent senior notes due 2033 are expected to begin trading on the Hong Kong Stock Exchange on May 14th, 2026.
The notes were recently issued by MGM China as part of a refinancing transaction.
As previously reported by AGB, citing a recent CreditSights report, the refinancing transaction is intended to extend the company’s debt maturity profile and preserve liquidity flexibility, rather than prioritize further deleveraging.
CreditSights said proceeds from the issuance are expected to repay borrowings under MGM China’s HK$23.4 billion ($3 billion) revolving credit facility, which matures in April 2030. The research house added that MGM China’s leverage metrics had already recovered to below pre-pandemic levels since the second quarter of 2024.
As of the first quarter of 2026, CreditSights estimated MGM China’s gross leverage at 2.1 times, compared with 2.7 times in 2019, while net leverage stood at 1.35 times.
Deutsche Bank, J.P. Morgan and Bank of China Macau Branch acted as joint global coordinators for the offering.
