SkyCity obtains new revolving credit facility
SkyCity has reduced its near-term refinancing requirements while gaining greater flexibility.
New Zealand.- The casino operator SkyCity Entertainment Group has secured a new NZ$140m (US$80.97m) revolving credit facility after combining two existing bank tranches into a single agreement due in 2029.
In its announcement on July 29, SkyCity said the new facility, which matures on September 15, 2029, replaces separate bank facilities worth NZ$57.5m (US$33.26m) and NZ$80m (US$46.27m) that had been scheduled to mature in July and September 2027. The refinancing also increases the total amount available by NZ$2.5m (US$1.45m), while pricing and other key terms remain unchanged.
Following the transaction, SkyCity now has NZ$277.5m (US$160.50m) in revolving credit facilities. This comprises a NZ$137.5m (US$79.53m) facility maturing on September 15, 2028, and the new NZ$140m (US$80.97m) facility maturing on September 15, 2029. The company said both remain undrawn.
