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Land-BasedFinancialIndustry

MGM China issues $750m in senior notes

MGM China announced it issued 4.75% of senior notes worth $750m due 1 February, 2027. The estimated net proceeds from the offering should be approximately HK$5.7bn ($741m), minus the original issue discounts of the initial purchasers and other expenses payable by the company.

mgmchina

The purchase agreement was signed with BofA Securities, Inc., Bank of China Limited, Macau Branch and Industrial and Commercial Bank of China (Macau) Limited as the representatives and the other initial purchasers.

Net proceeds will be used for general corporate purposes and to repay a portion of the amounts outstanding under the revolving credit facility.

The issue date is set for 31 March, 2021. The interest rate will be payable semi-annually in arrears on February 1 and August 1 of each year, with the first interest payment to be made on 1 February, 2022. The notes will be general unsecured obligations of the company and will rank equally with other existing and future senior unsecured notes.

“Satisfaction of the obligations of the parties pursuant to the purchase agreement is subject to the fulfilment, or waiver, of the conditions precedent set out therein. In addition, the purchase agreement may be terminated under certain circumstances,” according to the statement. The company also advised shareholders and investors to remain cautious while the issuance is being finalized. “As the obligations of the parties pursuant to the purchase agreement may or may not proceed to completion, shareholders and investors of the company and prospective investors are reminded to exercise caution when dealing in the securities of the company.”

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