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Daisy Ho: SJM confident of refinancing syndicated loans within weeks

Pierce Chan by Pierce Chan
Fri 27 May 2022 at 04:46
SJM operating entity announces name change

Grand Lisboa Palace

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The Chairman and Executive Director of SJM Holdings, Daisy Ho, said Thursday she is confident the company will complete refinancing of a syndicated loan facility within the current quarter as it looks to boost liquidity.

SJM’s financial position has been the topic of much discussion in recent months, with analysts noting that it has significantly less liquidity than its fellow Macau concessionaires. Investment bank Morgan Stanley said earlier this week that SJM had only five months’ worth of liquidity available compared with more than two years for its peers, although the company did recently receive government approval for debt refinancing, which had been pending for more than 12 months.

SJM Chairman and Executive Director, Daisy Ho.

SJM had earlier this year extended the maturity of its loans by 12 months – comprising a HK$15 billion term loan and HK$10 billion revolving credit facility – however, speaking with media at an event at Grand Lisboa Palace on Thursday, Ho said she was confident that refinancing would be completed soon.

“I am very grateful for the support of the parent company (STDM, which previously pledged a HK$5 billion loan), but I hope that SJM will use its own ability to do the financing,” Ho said.

“We are all working together with the banks in the syndicate through the details and we hope to come to an agreement in the coming weeks.”

Ho was also asked about plans for the opening of additional facilities at the company’s Cotai integrated resort, Grand Lisboa Palace, including Palazzo Versace Hotel, but said there were no definitive plans in place just yet.

“The opening will depend on the situation of the COVID-19 pandemic. We need to keep an eye on visitation before we decide when will be the appropriate time to open.”

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Pierce Chan

Pierce Chan

With more than five years’ experience working as a journalist in Macau, Pierce is an experienced media operator with strong skills in news writing and editing. He previously worked with Exmoo, first as a reporter covering government, gaming and tourism-related stories, then as a Deputy Assignment Editor helping set the agenda of the day. Pierce is a graduate of the University of Macau.

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