Macao’s oldest gaming operator, SJM, has secured a HK$19 billion loan facility to help keep it afloat just as its concession is extended to the end of the year.
SJM said that on Monday it entered into a facility agreement with a banking syndicate led by Industrial and Commercial Bank of China (Macao) for syndicated loan facilities of up to HK$19 billion representing a HK$9 billion Term Loan Facility and a HK$10 billion Revolving Loan Facility.
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 in September 2016. After the refinancing SJM will have an additional HK$6 billion of liquidity.
The new loan facilities have a new maturity date of 20 June 2028.
SJM underlined that its refinancing plan has been approved by the Macao government.
Daisy Ho Chiu-fung, chairperson of the Board of Directors of SJM, commented: “We are highly pleased to conclude this week a successful refinancing of our syndicated loan facilities. We are moving ahead on all fronts preparing to participate in the tender for the succeeding concession, and we eagerly look forward to continuing to contribute to the development of Macao in the years to come.”
SJM has said that it is determined to bid for a new gaming concession. STDM, the gaming company co-founded by Stanley Ho Hung-sun, held Macao’s casino monopoly concession between March 1962 and April 2002 when SJM, its successor company, signed a new concession agreement with the local government, after winning one of Macao’s three rival gaming concessions in an international tender, The Macau Post Daily reported.
