White & Case Advises Bank Group on Melco Crown's Refinancing
Global law firm White & Case LLP has advised a syndicate of banks on an amendment and extension to senior secured facilities of Melco Crown (Macau) Limited, a subsidiary of Melco Crown Entertainment Limited, a developer, owner and operator of casino gaming and entertainment resort facilities in Asia.
The amended facilities provide for US$1,750 million in senior facilities, consisting of a US$500 million six-year term loan and a US$1 billion five-year revolving credit facility, which amount may be increased by an additional US$250 million. The proceeds will be used for refinancing Melco Crown (Macau) Limited's outstanding debt and for the general corporate purposes of Melco Crown Entertainment Limited and its subsidiaries.
White & Case advised Australia and New Zealand Banking Group Limited, Bank of America, N.A., Bank of China Limited (Macau Branch), and Deutsche Bank AG (Singapore Branch) as coordinating lead arrangers and bookrunners.
"This significant transaction for Melco Crown Entertainment demonstrates the Firm's experience in handling major financings and highlights our strength in managing large, complex transactions in the region,” said Hong Kong-based White & Case partner Eugene Man, who led the Firm's deal team.
White & Case has previously advised on other financings for members of the Melco Crown Entertainment Group, including as underwriters' counsel on MCE Finance Limited's Rule 144A/Regulation S offering of US$600 million 10.25 percent Senior Notes due 2018, and MCE Finance Limited's Rule 144A/Regulation S high yield offering of US$1 billion five percent Senior Notes due 2021.
The White & Case team which advised on the transaction was led by partner Eugene Man and included partner Baldwin Cheng and associates Gee Hou Tng and Jessica Tam (all Hong Kong).
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