Melco Crown looks for US$ 2 billion debt for new project
Proceeds will finance Melco's plans to build Macau Studio City, a US$ 2.5 bn-plus gaming and entertainment resort on the developing Cotai strip, said one source.
The debt funding will feature a loan-cum-bond combo with the loan expected to be for around US$ 1.25 bn and the US dollar bond for the remainder, according to another source. The borrower is in discussions with banks for the loan financing and is seeking underwritten commitments.
Melco's last visit to the loan markets was in May 2011 when it raised US$ 1.2 bn through a dual-tranche financing comprising an US$ 800 m term loan and a US$ 400 m revolver. The term loan amortises to 50% and has a two-year grace period. The blended average life is 4.1 years.
ANZ, Bank of America Merrill Lynch, Bank of China Macau, Commerzbank and Deutsche Bank were coordinating lead arrangers and book runners on the fully underwritten facility. The deal paid top-level blended all-ins of 208-308 bp over Libor.
In May 2010, Melco raised US$ 600m through an eight-year non-call four Global bond paying a coupon of 10.5%.
Hard Rock Las Vegas tops off Guitar Hotel in major strip redevelopment milestone
Wisconsin: Federal review advances for Menominee Tribe's Kenosha casino proposal
Zitro Digital appoints Thiago Valadão as Commercial Director for Brazil
HIPTHER appoints Elena Stepanyatova to lead event content and production across conference portfolio
CT Interactive expands portfolio, boosts Bulgaria presence in April
William Hill owner Evoke to close 270 shops as losses widen on tax hit
IDX selected to power 250 gaming tables with X-Trend system at the Westside Resort
Racing and Sports partners with Altenar to enhance global racing offering
Mexico's iGaming market breaks its four-year uptrend
PokerStars adds Prague and Aix-en-Provence, France to 2026 live schedule
