The loans, from a group of banks, range from five to seven years
Melco to borrow us$ 1 billion less than planned for projects
(Macau).- Melco PBL Gaming, a unit of Melco PBL Entertainment Ltd., said it is cutting the amount it is borrowing to fund planned projects by us$ 1 billion due to recent credit quality concerns.
2007-09-07
Reading time 23 seg
The Macau casino developer will now have senior secured credit facilities totaling us$ 1.75 billion, including a us$ 1.5 billion term loan facility and a us$ 250 million revolving credit facility. Melco said the loans, from a group of banks, range from five to seven years.
Proceeds of the term loan will be used to finance the City of Dreams resort’s construction and development. Proceeds from the revolving credit facility will go toward City of Dreams contingencies and general working capital requirements for the borrowing group.
Melco PBL Gaming will pay a commitment fee on any undrawn facilities.
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