MGM China Holdings Ltd has announced plans to conduct an international offering of Notes to professional investors, primarily to repay a portion of the amount outstanding under its existing revolving credit facility.
The proposed offering was announced by way of a Hong Kong Stock Exchange filing on Monday, although the company had not at time of publication determined the aggregate principal amount nor the terms and conditions.
MGM China, which booked a new quarterly record of US$301 million in Adjusted EBITDAR in 1Q24, said it “intends to use the net proceeds to repay a portion of the amounts outstanding under our Revolving Credit Facility and for general corporate purpose.
“The Company will be permitted to reborrow such amounts under the Revolving Credit Facility,” it added.
MGM China last year terminated a US$750 million revolving loan facility that was to be provided by parent company MGM Resorts International, arguing that it no longer needs the money due to the expedited recovery of the Macau gaming market.
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