MGM China to issue US$750 mln in senior notes

MGM China has announced the issue of US$750 million (MOP6 billion) in senior notes due February 1, 2027.

According to a filing with the Hong Kong Stock Exchange, the gaming operator expects to raise some US$741 million from the 4.75 per cent senior notes issuance.

MGM indicated it intends to use the net proceeds from the offering of the Notes to repay a portion of the amounts outstanding under a HK$9.75 billion revolving credit facility initiated in 2019 and for general corporate purposes.

As of the end of 2020, the company held an available capacity of HK$6.0 billion under two revolving credit facilities

MGM China’s net revenues decreased 58 per cent year-on-year in 2020 to some US$305 million, with the gaming concessionaire reporting US$41 million in Adjusted Property EBITDAR.