Moody’s assigns B1 rating to new MGM China new senior notes
MGM China is to issue US$500m in new senior unsecured notes.
Macau.- Moody’s Investors Services has assigned a B1 rating to the forthcoming senior unsecured senior notes issuance by MGM China. The casino operator plans to issue US$500m in new unsecured senior notes to professional investors. Net proceeds will be used to repay a portion of the amounts outstanding under the firm’s revolving credit facility and for general corporate purposes.
MGM China said it would be permitted to reborrow such amounts under the revolving credit facility.
Moody’s noted that the proposed refinancing doesn’t increase company debt. The company has recently announced the termination of a MOP5.99bn (US$750m) credit facility from its majority shareholder, MGM Resorts International. Moody’s improved its rating for MGM China in March.
MGM China to consider investing in proposed Thai casino complexes
The Tourism Authority of Thailand (TAT) has announced that MGM China is considering investing in Thailand’s proposed casino entertainment complexes if they are legalised. The announcement followed a meeting between TAT governor Thapanee Kiatphaibool and Pansy Ho, chairperson and executive director of MGM China Holdings.
The TAT believes that investment from a global entity like MGM China could stimulate international interest in Thailand, particularly among travellers from China, Southeast Asia, and the Middle East. Thapanee said the TAT plans to collaborate with MGM China to boost Thailand’s competitiveness through new tourism-related offerings to be promoted alongside traditional activities.
