Melco Crown Gaming completes $1.2 billion credit facility

By Sara Rosenberg

New York, July 1 - Melco Crown Gaming Ltd. closed on its approximately $1.2 billion five-year credit facility, according to a news release.

Australia and New Zealand Banking Group Ltd., Bank of America, Bank of China Ltd., Commerzbank AG and Deutsche Bank AG acted as the coordinating lead arrangers and bookrunners on the deal that was completed on June 30.

The facility consists of a roughly $800 million term loan and a roughly $400 million revolver.

Proceeds were used to refinance existing credit facilities primarily connected to the company's City of Dreams and Altira projects, and will be available for capital expenditures and general working capital.

Pricing on the new facility is higher than pricing on the prior deal, but covenants are less restrictive.

Melco is a Hong Kong-based developer, owner and operator of casino gaming and entertainment casino resort facilities primarily in Macau.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.