MGM Grand Macau gets commitment for $700 million credit facility

By Sara Rosenberg

New York, Jan. 9 - MGM Grand Macau has received a commitment for a new $700 million project financing senior secured credit facility, according to a company news release.

Bank of America, The Hongkong and Shanghai Banking Corp., Banco Nacional Ultramarino, Bank of China, BNP Paribas, China Construction Bank, The Royal Bank of Scotland and Sumitomo Mitsui Banking Corp. acted as the lead arrangers on the deal.

The credit facility consists of a hotel & resort facility, a casino project facility and a five-year revolver.

Pricing on the facility will initially be set at Libor plus 250 basis points.

Closing of is anticipated in the first quarter.

MGM Grand Macau, a hotel-casino resort currently under construction in Macau S.A.R., is 50/50 owned and will be jointly operated by MGM Mirage and Pansy Ho Chiu-king.

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