Macau casino operator Wynn Macau Ltd has obtained a revolving loan facility totalling US$1.50 billion, “to refinance certain indebtedness of the group,” and “to fund ongoing working capital needs and for general corporate purposes”, it said in a Friday filing to the Hong Kong Stock Exchange.
By close of Hong Kong trading on Wednesday, Wynn Macau Ltd saw nearly 29 percent of its stock value lost, ending at HKD6.40 (just over US$0.82). The decline coincided with a Macau government announcement on Tuesday about proposed changes to that city’s legal framework for the casino industry, including that the Macau government would need to approve Macau operators’ dividends, and that the government would use a delegate system to supervise each operator.
In Thursday trading, Wynn Macau Ltd’s stock declined further, to end the day at HKD6.10.
In its Friday filing, Wynn Macau Ltd – which runs the Wynn Macau resort (pictured) on the city’s peninsula, and Wynn Palace in the Cotai district – said a Cayman Islands entity wholly-owned by the group, called WM Cayman Holdings Ltd II, had secured the revolver loan in an agreement concluded on Thursday.
It consists of one tranche of US$312.5 million, and another of HKD9.26 billion, with the possibility to “upsize” the total facility by an additional US$1.00 billion or equivalent, subject to “various conditions”.
Bank of China Ltd, Macau Branch, is the agent for the deal which is being provided by a syndicate of banks.
Each loan under the revolving facility, consisting of both United States dollar and Hong Kong dollar tranches, will bear interest at the London Interbank Offered Rate (LIBOR) or Hong Kong Interbank Offered Rate (HIBOR), as applicable, plus a margin of 1.875 percent to 2.875 percent per annum based on the leverage ratio of the WM Cayman II entity, calculated on a consolidated basis.
May 20, 2022South Korea on Thursday said it would from June 1 resume issuing short-term tourism visas for trips to the country’s mainland, for individual visitors and groups of tourists. Permits for...
May 20, 2022
”[Revenue at Okada Manila] will be around 80 percent of the pre-pandemic level in 2022 before recovering almost fully in 2023"
Satoru Aoyama, Akash Gupta and Kalai Pillay
Analysts at credit rating agency Fitch