Actionable news
All posts from Actionable news
Actionable news in MPEL: Melco Crown Entertainment Limited,

Melco Crown Entertainment: Studio City Loan Amendment Update Studio City Loan Amendment Update

The following excerpt is from the company's SEC filing.

Exhibit 99.1


Studio City Loan Amendment Update

Melco Crown Entertainment Limited (Nasdaq: MPEL) announced today that its subsidiary, Studio City Company Limited, as the borrower under the US$1.4 billion Studio City term loan and revolving credit facility, has received the requisite lender consent to amend the loan documentation as proposed by the Studio City borrowing group. The amendments, which are in effect as of today, include changing the Studio City project opening date condition from 400 to 250 tables, consequential adjustments to the financial covenants, and rescheduling the commencement of financial covenant testing. Studio City, which opened on October 27, 2015, will continue its operations and obtain disbursements from the US$1.4 billion Studio City loan, as scheduled.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the SEC), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Companys beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause...