Global casino operator Melco Resorts & Entertainment Ltd announced on Tuesday it had extended the maturity of its existing HKD15.24-billion (US$1.94-billion) revolving credit facility by four years.
The Nasdaq-listed casino firm said the maturity date of its 2020 credit facilities had been extended from April 29, 2027, to June 9, 2031, under a third amended and restated facility agreement signed on Tuesday.
The revised arrangement also established an incremental facility of HKD6.44 billion, bringing total commitments under the credit facilities to approximately HKD21.68 billion.
Melco Resorts said key terms of the financing package, including pricing and financial covenants, remained unchanged. The company added that its subsidiary MCO Nominee One Ltd, the borrower under the facility, had agreed to pay customary fees to lenders participating in the extension and incremental facility.
The original revolving credit facilities were established in April 2020 through a senior facilities agreement involving MCO Nominee One and Bank of China Macau Branch, acting as agent.
Melco Resorts runs casinos in Macau, one in the Philippine capital Manila, and several in the Republic of Cyprus. In the third quarter last year, it launched a new casino in the Sri Lankan capital, Colombo.
In April, Melco Resorts said it had cash and bank balances of US$1.07 billion as of March 31, against total debt of US$6.67 billion. The company stated it had available liquidity of about US$2.36 billion and capital expenditure of US$73.6 million during the first quarter this year, mainly tied to enhancement projects in Macau.
At the same time, Melco Resorts said it would pay US$375.0 million for the “Melco” and other related trademarks.
The casino firm is also progressing with the rebranding of the Countdown Hotel as ‘REM’ at its City of Dreams complex (pictured) in Macau.
