Norton Rose has advised the Macau unit of Las Vegas-based MGM Resorts International on a $2 billion debt refinancing.
MGM China Holdings Ltd. has entered into two senior credit agreements: a $550 million term loan and $1.45 billion revolving credit facility. Part of the new debt will be used to refinance the existing $950 million credit facilities of MGM Grand Paradise S.A., which holds one of only six gaming concessions granted to foreign companies in Macau and operates the MGM Macau casino and hotel. MGM China Holdings serves as a holding company for MGM Grand Paradise.
The remaining debt will be put toward future development, including a plan approved last month by Macau authorities for a new resort and casino in the island’s Cotai district, as well as for general corporate purposes.
Norton Rose Hong Kong partners Peter Haslam and Jon Perry led their firm’s work on the deal. Allen & Overy Hong Kong partner Roger Liu represented the lenders.
The lenders comprised 17 banks, with Bank of China (Macau) Ltd., Industrial and Commercial Bank of China (Macau) Ltd., Bank of America, Crédit Agricole Corporate and Investment Bank, and Deutsche Bank among them.
DSL Lawyers served as Macau counsel for MGM China Holdings, while Walkers advised on Cayman Islands law.
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