MGM China Holdings Limited has entered into a new HK$9.75 billion unsecured revolving credit facility that will replace the company’s existing senior secured credit facility in its entirety.
MGM announced overnight that the 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%, to be determined by MGM China’s leverage ratio.
The proceeds of the revolving credit facility have been used to refinance the existing senior secured credit facilities and for ongoing working capital needs and general corporate purposes, it added. The Revolving Credit Facility is scheduled to mature on 15 May 2024.