Game operator SJM Resorts announced that it has reached an agreement with a bank syndicate led by the China Industrial and Commercial Bank (Macau) on a syndicated loan facility of up to HK $ 19 billion. The arrangement represents a HK $ 9 billion term loan facility and a HK $ 10 billion revolving loan facility.
“Most of the new loan facilities will be used to repay existing syndicated loan facilities signed by SJM in September 2016. After refinancing, SJM will have an additional HK $ 6 billion liquidity,” SJM said in a statement. It is stated in.
The new maturity date for the new loan facility is June 20, 2028, and the effective interest rate for HIBOR is [Hong Kong Interbank Offered Rate] Or MAIBOR [Macau Interbank Offered Rate] Added 1.25% to 2.25%. The plan was approved by the government.
Industry analysts have previously expressed concern about SJM’s liquidity, which was considered “slightly worried” by securities firm JP Morgan in April.
The announcement made on the same day allowed SJM and six other game concessionaires and subconcessionaires to extend their contact for six months until December 31st.
In the same statement, SJM Chairman of the Board, Daisy Ho, said he was very pleased to conclude this week that the syndicated loan facility was successfully refinanced. Mr. Ho added that the company is making progress in every aspect as it prepares to participate in the bid for the next concession, and is looking forward to continuing to contribute to the development of Macau. ”
