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MGM China proposes senior notes offering

Newsdesk by Newsdesk
Thu 25 Mar 2021 at 05:55
MGM China says no plans to restructure

MGM Macau

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MGM China Ltd has proposed an international offering of US-dollar denominated senior notes aimed at helping the company pay down debt.

According to a Wednesday filing with the Hong Kong Stock Exchange, proceeds from the notes offer, should it go ahead, would be used to “repay a portion of the amounts outstanding under the Revolving Credit Facility and for general corporate purposes.”

The aggregate principal amount of the notes has not yet been determined, the company said.

The proposed offering comes after MGM China revealed last May that it had entered into new agreements with its lenders to make available a revolving credit facility of HK$2.34 billion (US$302 million), increasable to HK$3.9 billion (US$503 million) pending certain conditions.

It also issued US$500 million 5.25% senior notes due 2025 in June, at the height of the global COVID-19 pandemic.

MGM China announced last month a loss of HK$5.2 billion in 2020.

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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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