MEDIA RELEASE PR40651
MGM MACAU Announces New Senior Secured Credit Facility
MACAU, Aug. 2 /PRNewswire-AsiaNet/ --
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.
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
CONTACT: Lytton Ao, Public Relations Manager of MGM MACAU,
+(853) 8802 3800,
lyttonao@mgmmacau.com, or
Simpson Lei, Asst. Public Relations Manager of MGM MACAU,
+(853) 8802 3803, simpsonlei@mgmmacau.com,
both for MGM Grand Paradise, S.A.; or
Dan D'Arrigo, EVP, CFO & Treasurer,
+1-702-693-8895, or
Alan Feldman, SVP Public Relations,
+1-702-650-6947, both of MGM Resorts International
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