Melco Resorts & Entertainment has revealed that it plans to raise US$600 million from the offering of new senior notes in order to pay down debt.
Announcing the pricing of the new notes on Thursday, Melco said they will consist of US$600 million aggregate principal amount of 5.625% senior notes due 2027, priced at 100%. The proceeds will be used to make a partial repayment of the principal amount outstanding under an amended revolving credit facility entered into by Melco Resorts (Macau) Limited, a subsidiary of Melco Resorts Finance, in 2015.
The credit facility totaled HK$13.65 billion (US$1.75 billion) at the time, comprising a HK$3.90 billion term loan facility and a HK$9.75 billion revolving credit facility;
Melco said the new notes are proposed to be senior obligations of Melco Resorts Finance, ranking equally with all of Melco Resorts Finance’s existing and future senior indebtedness. It added that Melco will not be a guarantor of the new notes.
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