Melco Crown Ltd. has amended its $1.75 billion senior credit facilities for the seventh time, reaching accord with a syndicate of banks.
The amended facility will be secured by assets of the company’s City of Dreams and Altira.
It consists of a $500 million term loan facility for 6 years and a $1 billion revolving credit facility, which may be increased by an additional $250 million by the lenders upon satisfaction of various conditions, for a term of 5 years.
“The company intends to fully draw down the term loan facility on or about June 29, 2015. The amended facility can be used to refinance the outstanding balance of the original facilities and for general corporate purposes of the company and its subsidiaries.”
The amendment imposes the condition that Melco International Development Limited and Crown Resorts Limited shall collectively own and control, directly or indirectly, at least 30 percent of the issued share capital of the company.
“A breach of the aforesaid condition will constitute an event of default under the Seventh Amendment. Upon the occurrence of such event, the Amended Facility shall become immediately due and repayable on demand.”
Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.
ASIA GAMING BRIEF
PO Box 1139, Macau SAR
Tel: +853 2871 7267
Fax: +853 2871 7264