LAS VEGAS, June 12, 2015 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) today announced that MGM China Holdings
Limited, a 51%-owned subsidiary, has completed its previously
announced refinancing transaction of its Hong Kong Dollar
denominated senior credit facilities agreement. The amended and
restated credit agreement is comprised of a US$1.55 billion equivalent term loan, an increase
from the previous $550 million term
loan, and US$1.45 billion equivalent
revolving credit facility. The amended and restated credit
agreement extends the term of the original facilities for an
eighteen month period ending April 29,
2019.
"We are very pleased with the support from our lenders which
allowed us to upsize the credit facility to US$3 billion," said Grant
Bowie, CEO and Executive Director of MGM China. "This
financing will provide our Company the financial flexibility to
invest in MGM Macau and develop our second property, MGM Cotai, in
the world's largest gaming market."
The amended and restated credit agreement will bear interest at
a fluctuating rate per annum based on HIBOR plus a margin,
initially set for a six month period at 1.75% per annum, but
thereafter the margin (in the range of 1.375% to 2.50% per annum)
will be determined by MGM China's leverage ratio.
Proceeds from the amended and restated credit agreement will be
used to refinance the existing facilities and for general corporate
purposes of MGM China and its subsidiaries, including the
development of MGM Cotai.
About MGM Resorts International
MGM Resorts
International (NYSE: MGM) is one of the world's leading global
hospitality companies, operating a portfolio of destination resort
brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage.
The Company is in the process of developing MGM National Harbor in
Maryland and MGM Springfield in
Massachusetts. The Company also owns 51 percent of MGM China
Holdings Limited, which owns the MGM Macau resort and casino and is
developing a gaming resort in Cotai, and 50 percent of CityCenter
in Las Vegas, which features ARIA
Resort & Casino. For more information about MGM Resorts
International, visit the Company's website at
www.mgmresorts.com.
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 operate
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 and is in the
process of developing a gaming resort in Cotai. 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).
Statements in this release which are not historical facts are
"forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act and other related laws that
involve risks and/or uncertainties, including risks and/or
uncertainties as described in the Company's public filings with the
Securities and Exchange Commission. The Company has based
those forward-looking statements on management's current
expectations and assumptions and not on historical facts.
Examples of these statements include, but are not limited to,
statements regarding how the Company expects to use the proceeds
from the financing. These forward-looking statements involve
a number of risks and uncertainties. Among the important
factors that could cause actual results to differ materially from
those indicated in such forward-looking statements include market
conditions for corporate debt generally, for the securities of
gaming, hospitality and entertainment companies and for the
Company's indebtedness in particular. In providing
forward-looking statements, the Company is not undertaking any duty
or obligation to update these statements publicly as a result of
new information, future events or otherwise except as required by
law.
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SOURCE MGM Resorts International