MGM China Holdings Limited has unveiled an international offering of USD-denominated senior unsecured notes targeted exclusively at Professional Investors. Deutsche Bank AG, Singapore Branch and J.P. Morgan Securities (Asia Pacific) Limited are acting as joint global coordinators and bookrunners. Final size, coupon and maturity will be set through a book-building exercise; no binding purchase agreement has yet been signed, and the issue may or may not proceed.
Proceeds Use Management intends to apply the net proceeds toward partial repayment of amounts outstanding under the HK$23.40 billion 2025 Revolving Credit Facility, with the ability to re-borrow under that facility, and for general corporate purposes.
Listing Application MGM China has received an eligibility letter from Hong Kong’s Stock Exchange for a listing of the notes, restricted to Professional Investors. The notes will be offered in the United States only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S; no public offering will be made in Hong Kong.
Recent Financial Performance (HK$) • Q1 2026 profit attributable to owners: 991.34 million, down from 1.22 billion in Q1 2025. • Adjusted EBITDA: 2.46 billion, up 3.8 % from 2.37 billion a year earlier. • Operating profit: 1.41 billion versus 1.64 billion in Q1 2025. • Finance costs: 338.84 million; interest income: 11.19 million. • Depreciation and amortization: 574.75 million. Adjusted EBITDA, the Group’s primary performance gauge, excludes finance costs, taxes, depreciation, amortization, asset disposals, foreign-exchange differences, share-based payments, pre-opening costs and corporate expenses.
Cautionary Note As no definitive agreement has been executed, investors are advised that the proposed notes offering remains subject to market conditions and investor demand.
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