Melco Resorts has announced that it has priced its international offering of senior notes as the firm continues a refinancing process.
The offering consists of US $750m aggregate principal amount of 7.625 percent senior notes due 2032.
Furthermore, Melco Resorts Finance intends to use the net proceeds from the offering to partially repay the principal amount outstanding under the revolving credit facility, pursuant to a senior facilities agreement entered into by MCO Nominee One Limited.
The New Notes are proposed to be senior obligations of Melco Resorts Finance, ranking equally with all of Melco Resorts Finance’s existing and future senior indebtedness.
It comes after a period of growth for Melco with the firm bolstered by a thriving sector in Macau.
Total operating revenues for the fourth quarter of 2023 were US $1.09bn, representing an increase of approximately 224 percent from US $337.1m for the comparable period in 2022.
Commenting at the time, Lawrence Ho, the firm’s Chairman and Chief Executive Officer, commented: “Macau continues to demonstrate its extraordinary growth potential and has shown resilience despite China’s uncertain macro-economic outlook. Visitations to Macau during this month’s Chinese New Year holiday period were close to 2019 levels and the number of visitors from China exceeded 2019.
“2023 was a year of post-pandemic recovery and the debut of our new developments, including City of Dreams Mediterranean and Studio City Phase 2. 2024 is set to be another exciting year for us as we continue to develop new ideas and strategies to bring market leading leisure and entertainment offerings to our customers.
“As part of our initiatives to ensure Melco is leading the market in all areas of our business, we are making changes to management in Macau and bolstering the leadership team. We expect these changes will strengthen us as a team to secure a stronger and more competitive future.
“City of Dreams Manila in the Philippines has continued to show solid growth with significant market share gains in mass table games and slots. City of Dreams Mediterranean in Cyprus continues to be impacted by the conflicts in the region but is starting to show some signs of recovery so far this year.”
