Melco extends maturity date on US$1.92bn revolving credit facility

Melco extends maturity date on US$1.92bn revolving credit facility

Melco Resorts & Entertainment has agreed to extend the facility to 2027.

Macau.- Melco Resorts & Entertainment Limited has announced that it has extended the maturity date for its HK$14.85bn (US$1.92bn) “2020 Credit Facilities,” from April 29, 2025, to April 29, 2027. Based on a senior facilities agreement of April 29, 2020, the agreement was modified and reestablished on June 29, 2023 to include the Secured Overnight Financing Rate as a benchmark rate for loans denominated in US dollars.

The new extension was formalised through a second amended and restated facility agreement dated April 8, 2024. Key terms such as facility size, pricing, and financial covenants remain unaltered. , MCO Nominee One agreed to pay a customary fee to the consenting lenders.

In March, Melco reported operating revenue of US$1.09bn for Q4, up 224 per cent in year-on-year terms. The increase was attributed to the improved performance in all gaming segments and non-gaming operations following the relaxation of Covid-19 countermeasures in Macau in January 2023 and the opening of Studio City Phase II.

The company reported an operating loss of US$94.4m, compared with an operating loss of US$199.5m in the fourth quarter of 2022. The group’s adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) was US$303.4m compared with negative US$6.8m.

Net loss attributable to Melco Resorts & Entertainment Limited was of US$156.6m. The net loss attributable to noncontrolling interests was US$20.8m, all related to Studio City, City of Dreams Manila and Cyprus Operations.

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