Friday 4th November 2022 |
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SkyCity Entertainment Group Limited (SkyCity) advises that it has entered into an agreement (Note Agreement) with two of its existing United States Private Placement holders to secure additional financing.
Entry into the Note Agreement is in line with SkyCity’s longer term capital management strategy and provides for:
(a) US$75 million of seven year fixed-term debt, to be drawn prior to 28 February 2023; and
(b) the option to draw on an additional US$50 million of seven year fixed-term debt before 30 June 2023, at SkyCity’s discretion upon agreement with the United States Private Placement holders.
SkyCity advises that, following entry into the Note Agreement, it is fully financed for the buy-back of the long-term concession granted over the SkyCity Auckland car parks as a result of the termination notice from MPF Parking NZ Limited (as advised to the market on 27 October 2022).
The SkyCity Auckland car park business is a high-quality, integrated operating asset that is a key driver of local gaming visitation, with expected earnings of $15-20 million EBITDA per annum once completed and fully operational. The car park assets consist of approximately 1,900 operational car parks in the existing SkyCity Auckland complex, and an expected 1,200 additional car parks in the New Zealand International Convention Centre once that development is completed.
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