Melco Resorts Finance, a subsidiary of Melco Resorts & Entertainment, will redeem $600 million in senior notes on September 23, nearly ten months ahead of schedule. The redemption will be at par plus accrued interest.
The notes were issued in July 2019 at par, with proceeds used to pay down part of a revolving credit facility. The company has not disclosed the funding source for the early redemption. As of June 30, Melco held $1.04 billion in cash and cash equivalents, including $124.3 million in restricted funds. Available liquidity stood at around $2.80 billion, combining cash and undrawn credit lines. Total debt at the end of the second quarter was $7.05 billion, net of unamortised financing costs and premiums.
In June, the group extended the maturity of its revolving credit facilities from April 2027 to June 2031 and added $821.6 million in additional capacity. Total commitments under those facilities rose to approximately $2.77 billion. After the September redemption, Melco Resorts Finance's next major payment is $850 million in notes at 5.750% due in July 2028.
