The US$1.5 billion (MOP12 billion) loan currently in syndication for MGM China Holdings Ltd has attracted commitments from 12 banks, Bloomberg reports quoting a person familiar with the matter. The commitments reach just over US$1.4 billion, the same source said. MGM China is eyeing to close syndication of the facility by month-end, the person said, asking not to be identified because the details are confidential. The proceeds will be used by MGM China to repay debt, according to Bloomberg. The company is offering to pay a margin of 250 basis points over Libor on a leverage ratio of four times or more, the person said.
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