MACAU, Aug. 2 /PRNewswire-FirstCall/ -- MGM Grand
Paradise, S.A. (the "Company"), the owner of the MGM MACAU resort,
announced today that it has entered into a new senior secured
credit facility in the amount of HKD7.41
billion (US$950 million). The
initial loans under the facility refinanced the Company's existing
senior secured credit facilities and will provide additional
liquidity.
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The Company is a 50/50 joint venture of MGM Resorts
International (NYSE: MGM) and Ms. Pansy
Ho.
"We are gratified by the overwhelming support from our financial
partners," said Jim Murren, MGM
Resorts International's Chairman and Chief Executive Officer who
also serves as the Chairman of the Company's board of
directors. "We have made significant progress in building our
revenues at MGM MACAU, which has resulted in a positive impact on
our cashflows. We view the significant investor demand on this
transaction as validation of our progress."
Ms. Pansy Ho, Managing Director
of the Company, said, "Most notably, the new credit facility
demonstrates the support of both the local banking community and
the international financial market. This support enabled us to
upsize the credit facility and provides us with a strong long term
capital structure. Our goal has been to continue to develop the
highest quality resorts in the Macau marketplace. We will continue to execute
on our growth strategy while further enhancing Macau as a world-class destination."
The new credit facility consist of a HKD4.290 billion (US$550
million) term loan and a HKD3.120
billion (US$400 million)
revolving credit facility, which mature in July, 2015.
Bank of America, N.A., Bank of China Limited, Macau Branch, Industrial and Commercial Bank
of China (Macau) Limited, Banco Nacional Ultramarino,
S.A., Credit Agricole Corporate and Investment Bank, Hong Kong Branch, BNP Paribas Hong Kong
Branch, Commerzbank AG Hong Kong Branch, and The Royal Bank of
Scotland plc, Singapore Branch acted as Mandated Lead
Arrangers for the facility. Banco Comercial Portugues, S.A.,
Macau Branch, JPMorgan Chase Bank,
N.A., Morgan Stanley Senior Funding, Inc., and Sumitomo Mitsui
Banking Corporation acted as Lead Arrangers and Tai Fung Bank
Limited, Banco Comercial de Macau,
S.A., The Bank of Nova Scotia, and
Deutsche Bank AG, Hong Kong Branch
acted as Arrangers for the facility.
Bank of America, N.A., Hong
Kong Branch acted as the Facility Agent and Banco Nacional
Ultramarino, S.A. acted as the Security Agent.
About MGM Grand Paradise, S.A.
MGM Grand Paradise, S.A. is incorporated under the laws of Macau
SAR, which is held in equal parts by a wholly owned subsidiary of
MGM Resorts International and Ms Ho, Pansy
Catilina Chiu King. The Company was formed to develop,
build and operate integrated entertainment resorts in the Macau SAR
under a sub-concession agreement approved by the Macau
Government.
The joint venture combines one of the world's leading hotel,
entertainment and gaming companies with a local partner who has
extensive experience in the region.
The Company's first property - the MGM MACAU opened to the
public on December 18, 2007. The MGM
MACAU complex currently comprises approximately 600 rooms, 1,000
slot machines, 430 tables games, 10 food and beverage outlets, 2
retail outlets, convertible convention space, including a Grand
Ballroom and a world class spa and pool facilities. A
distinguishing feature attraction of the property is the Grande
Praca, showcasing a unique European-inspired architecture.
SOURCE MGM Resorts International
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