Hong Kong’s Melco Crown gets consents to amend 5% notes for spinoff

By Susanna Moon

Chicago, July 25 – Melco Crown Entertainment Ltd. subsidiary MCE Finance Ltd. has obtained consents for $930,261,000, or 93%, of its 5% senior notes due 2021 as of 5 p.m. ET on July 22, the early consent date.

As a result, Melco has received the needed consents to amend the notes indenture and has executed a supplemental indenture to the notes, which will become operative when the company has paid the early consent fees, according to a company update.

The company is looking to amend the definition of change of control related to plans by Crown Resorts Ltd., formerly known as Crown Ltd., a major shareholder of Melco Crown Entertainment, to spin off some of its non-Australian assets into a separately listed holding company.

The solicitation will continue until 5 p.m. ET on July 29.

As announced July 11, the consent fee for each $1,000 principal amount will be $5.00 of notes for consents submitted by the early deadline and $2.00 for all other consents.

The consent fee was contingent on consents from holders of at least a majority of the outstanding notes, which has now been met.

D.F. King (+852 3953 7230, +44 20 7920 9700, 212 269-5550) is the information and tabulation agent. Merrill Lynch (Asia Pacific) Ltd. (+852 3508 7913, +852 3508 3514, +852 3508 8175) is the solicitation agent.

MCE Finance is a wholly owned subsidiary of Melco Crown Entertainment, a Hong Kong-based owner and developer of casino gaming and entertainment resort facilities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.