International edition
November 19, 2017 | Edition Nº3368

Group now holds 51.3% stake

Melco announces completion of majority stake acquisition of Melco Crown Entertainment

Melco announces completion of majority stake acquisition of Melco Crown Entertainment
Melco International Development Limited has completed the purchase of additional interest in, thereby assumed majority ownership of, Melco Crown Entertainment.
Hong Kong | 02/16/2017

Melco International Development Limited has completed the purchase of additional interest in, thereby assumed majority ownership of, Melco Crown Entertainment.

T

he Group now holds approximately 51.3% stake in MCE versus approximately 37.9% before. The financial results of MCE will continue to be consolidated in the financial statements of the company.

The aggregate purchase price for 198,000,000 ordinary shares, equivalent to 66,000,000 American depositary shares (“ADS”s), of MCE was US$1,100,800,800. Melco immediately paid a deposit of US$100,000,000 upon signing the acquisition agreement. To support the purchase, Melco obtained a credit facility of up to US$1,000,000,000, comprising a US$700,000,000 term loan facility for this purpose and a US$300,000,000 revolving credit facility, from Industrial and Commercial Bank of China (Macau) Limited (“ICBC Macau”) and Industrial and Commercial Bank of China (Asia) Limited (“ICBC (Asia)”). The remaining amount of the closing payment was settled using the Group’s internal resources.

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