Macau Legend Improvement Restricted says it has obtained a further HK$450 million (US$58 million) in funding for the operation and growth of its properties in Macau and Hengqin as a part of a refinancing take care of its lenders.
The refinancing deal, which is linked to the acquisition of no less than 20.65% of Macau Legend by Tak Chun Group CEO Levo Chan, will see the corporate’s wholly-owned subsidiary, Macau Fisherman’s Wharf Worldwide Funding Restricted, granted a brand new HK$2.three billion loan facility by Luso Worldwide and CMB Wing Lung.
The proceeds of the brand new facility might be used to repay its current loan facility with ICBC Macau, whereas offering the extra HK$450 million for ongoing operations.
Switch of cash owed to ICBC Macau instantly from Luso Worldwide and CMB Wing Lung was among the many circumstances required for Chan to finish his acquisition of a 20.65% within the firm final week. As reported by Inside Asian Gaming, he’s additionally as a result of make a compulsory unconditional cash supply for remaining public shares that might elevate his stake to virtually 50%.
Commenting on the corporate’s refinancing efforts, Macau Legend’s Co-chairman and Government Director, David Chow, mentioned, “The success of the loan refinancing mirrored the financing capability of the Firm. The brand new facility association has improved the Firm’s debt construction, in addition to strengthened the Firm’s cash movement place.
“We additionally really feel excited to broaden our banking relationship in Macau. On behalf of Macau Legend Improvement, I wish to specific once more our honest gratitude to Luso Bank and CMB Wing Lung Bank for his or her belief and assist within the growth of the Firm’s enterprise.
“The Group is optimistic that it is well positioned for the expected recovery of the tourism market in Macau.”