May 09, 2019 Newsdesk Latest News, Macau, Top of the deck  
Macau casino operator MGM China Holdings Ltd is increasing the size of an offering of debt and has priced the two tranches of different tenors.
MGM Resorts International of the United States, the parent company of MGM China, issued on Wednesday a written statement saying the subsidiary has increased the amount of its offering of senior notes, to be placed privately, to US$1.5 billion from the US$1.25 billion announced last week.
The statement said one tranche will consist of US$750 million of 5.375 percent senior notes due 2024, priced at par, and the other will consist of US$750 million of 5.875 percent senior notes due 2026, also priced at par. The offering is due to close on May 16.
MGM China Holdings intends to use the net proceeds to repay amounts borrowed under its revolving credit facility and term loan facility, the parent company stated.
MGM Resorts has said its priorities are its debt and corporate restructuring programme, and opportunities in Japan.
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"The travel demand for May Golden Week looks solid to us, which means good foot traffic in Macau"
Jeffrey Kiang
Analyst at brokerage CLSA