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MGM China refinances debt via new US$3 billion revolving credit facility

Newsdesk by Newsdesk
Wed 16 Apr 2025 at 04:54
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MGM China has entered into agreements with certain lenders to make available a revolving credit facility of up to HK$23.4 billion (US$3.0 billion), the company announced via a Hong Kong Stock Exchange filing.

The proceeds of the facility, which has a maturity date of 60 months or five years from the agreement date, will be used to refinance the company’s existing Revolving Credit Facility and Second Revolving Credit Facility as well as for ongoing working capital needs and general corporate purposes of the group.

MGM added that the new 2025 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% which will be determined by the company’s leverage ratio.

“With effect from 22 April 2025, the date of the first utilization of the 2025 Revolving Credit Facility, the amounts due under the Existing Credit Facilities will be repaid in full and the total commitments thereof will be cancelled in full,” MGM China said.

The company recently declared a final dividend of HK$0.251 per share for the year ended 31 December 2024, amounting to a total payout to shareholders of HK$953.8 million (US$119 million), after notching a profit attributable to owners of the company of HK$4.60 billion (US$575 million), increased from HK$2.64 billion (US$330 million) a year earlier.

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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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