MGM Resorts International (NYSE: MGM) today announced that its 51% stake subsidiary MGM China Holdings Limited has agreed to revise and rewrite its senior credit facility contract in Hong Kong dollars in principle with lenders to extend it by $1 billion and extend its maturity by 18 months. The modified and extended facility consists of an equivalent term loan of $1.55 billion, up from a previous term loan of $550 million and a revolving credit facility of $1.45 billion. The facility revises and rewrites MGM China Holdings Limited’s entire $2 billion credit facility and extends the duration of the facility through April 2019.
Grant Bowie, President and CEO of MGM China, said, “We are very pleased with the support of the lender for allowing us to expand our credit facility to US$3 billion. This financing will be used for general corporate purposes and will provide financial flexibility for our company to continue investing in MGM Macau and develop MGM Kotai.”
The revised facility will apply a 1.75% annual variable rate based on the HIBOR+ margin, but subsequent margins (in the range of 1.375% to 2.50% per year) will be determined by the Company’s leverage ratio.
This Agreement Is Lender, Company And MGM Grand ParaSubject to the formal modification and execution of the restated facility agreement between Issu and the satisfaction (or waiver) of all conditions for validity, including, but not limited to, receipt of necessary government or regulatory approvals in connection with the transaction. There is no guarantee of whether or when a binding contract will be finalized in relation to the proposed facility.
Revenue from modified and restated facilities is S.A. MGM Grand ParaIt will be used for appropriate corporate purposes of the Company and its subsidiaries, including refinancing of available facilities and development of MGM Kotai under Isis’ existing credit facility.
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MGM Resorts International (NYSE: MGM) is one of the world’s leading global hospitality companies operating destination resort brands including Bellagio, MGM Grand, Mandalay Bay and Mirage. The company also owns MGM Macau resorts and casinos, 51% of MGM China Holdings Limited, which is developing gaming resorts in Cotai, and 50% of Las Vegas City Center, which features ARIA resorts and casinos. For more information about the company.