HONG KONG, June 10, 2015 – MGM China Holdings Limited (“MGM China” or the “Group”; SEHK Stock Code: 2282) announced it has agreed with its lenders to amend and expand its credit facilities to HK$23.4 billion and extend the maturity by 18 months.
The amended and extended facilities will consist of a HK$12.09 billion equivalent term loan, comprising existing term loans of HK$4.29 billion and new term loans of HK$7.80 billion. In additional to the existing HK$11.31 billion equivalent revolving credit facility, the Group has expanded the total credit facilities from HK$15.6 billion to HK$23.4 billion and extended the final maturity date of those facilities to April 29, 2019.
MGM China CEO and Executive Director Grant Bowie said: "We are very pleased with the support from our lenders particularly our local banks in Macau which allow us to upsize the credit facility. It shows their confidence in MGM China, our development in Cotai as well as the future prospect of the Macau market.
“This financing will be used for general corporate purposes and will provide our Company the financial flexibility to continue to invest in MGM Macau, MGM Cotai and Greater China region," Grant Bowie said.
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About MGM China Holdings Limited
MGM China is one of the leading casino gaming resort developers, owners and operators in the greater China region. The Company is the holding company of MGM Grand Paradise, S.A., which holds one of the six gaming concessions / subconcessions to run casino games in Macau. MGM Grand Paradise currently owns and operates MGM MACAU, the award-winning, premium integrated casino and luxury resort located on the Macau Peninsula. It is traded on the Main Board of the Stock Exchange of Hong Kong under stock code 2282 and is a subsidiary of MGM Resorts International (NYSE: MGM).
For further enquiries, please contact:
MGM China Holdings Limited
Sidney Luk – Vice President of Investor Relations
Tel: (852) 2587 8632 / 6399 5506
(853) 8802 1886 / 6252 8918