SJM Resorts has entered into a facility agreement with a banking syndicate for syndicated loan facilities of up to HK$19bn (US$2.4bn).
Macau.- SJM Holdings has issued a company filing announcing that it has reached an agreement with a banking syndicate led by Industrial and Commercial Bank of China (Macau) for syndicated loan facilities worth up to HK$19bn (US$2.4bn).
The scheme, comprising a HK$9bn term loan facility and a HK$10bn revolving loan facility, has been approved by the government. The new loan facilities have a maturity date of June 20, 2028, and an effective interest rate at HIBOR [Hong Kong Interbank Offered Rate] or MAIBOR [Macau Interbank Offered Rate] plus 1.25 per cent –2.25 per cent.
According to SJM, a substantial portion of the new loan facilities will be used to repay the existing syndicated loan facilities entered into by SJM Resorts in September 2016. After the refinancing, SJM Resorts will have an additional HK$6bn of liquidity.
SJM extends gaming concession in Macau
In the same statement, SJM also confirmed that on June 23 it entered into a Concession Amendment Contract to extend its Macau gaming concession from June 26 to December 31. Under the terms of the Concession Amendment Contract, SJM Resorts was required to pay the Macau Government MOP47m as a premium.