Melco intends to repay $514 million on subconcession facility

By Jennifer Chiou

New York, Dec. 1 - Melco PBL Entertainment (Macau) Ltd. plans to repay about $514 million of principal and interest under its subconcession facility dated Sept. 4, 2006, according to an F-1 filing with the Securities and Exchange Commission.

The facility bears interest at Libor plus 300 basis points and has a maturity of June 30, 2011.

The Hong Kong-based owner and operator of casinos plans to use the partial proceeds from an offering of up to $1,100,792,308 of securities, made up of 53 million American Depositary Shares representing 159 million common shares.

The company said remaining proceeds will go towards the development costs of the Crown Macau and City of Dreams, the site acquisition and development costs of the Macau Peninsula project and funding working capital and other general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.