MGM China has entered into agreements with certain lenders to make available a revolving credit facility of up to HK$23.4 billion (US$3.0 billion), the company announced via a Hong Kong Stock Exchange filing.
The proceeds of the facility, which has a maturity date of 60 months or five years from the agreement date, will be used to refinance the company’s existing Revolving Credit Facility and Second Revolving Credit Facility as well as for ongoing working capital needs and general corporate purposes of the group.
MGM added that the new 2025 Revolving Credit Facility will bear interest at a fluctuating rate per annum based on HIBOR plus a margin in the range of 1.625% to 2.75% which will be determined by the company’s leverage ratio.
