HSBC out of MGM Grand Macau loan

HSBC has pulled out of an US$850 million (MOP6.8 billion) five-year loan for MGM Grand Macau, a source close to the deal told International Financing Review Asia (IFRAsia). The move comes as a surprise because while the facility is a club-style loan, HSBC worked behind the scenes on coordination and promotion of the deal, IFRAsia added. HSBC’s commitment in the loan was said to be US$100 million (MOP800 million). The outcome of the loan is expected not to be affected as it was “comfortably” oversubscribed, said a banker.