Summary by Moomoo AI
On June 18, 2024, MGM China signed a purchase agreement with BofA Securities, Inc. and Deutsche Bank Singapore Branch, issuing a total principal amount of $500 million, with an annual interest rate of 7.125% and due on June 26, 2031, for senior notes. The notes are expected to raise approximately HKD 3.8593 billion or USD 493.1 million, which will be used to repay some of the outstanding revolving credit facility. The company recommends that the notes be issued only to professional investors and has obtained a letter of eligibility from the Hong Kong Stock Exchange approving the listing of the notes. The board of directors believes that this will help raise additional funds and is in the interest of the company and shareholders. Shareholders and potential investors should note that the fulfillment of the purchase agreement is subject to certain conditions precedent or waivers, and may be terminated due to a number of circumstances.
