Bank of China contributes to $1.5 billion USD syndicated revolving credit facility to MGM Mirage and MGM Grand Detroit for debt financing purposes in 2003

Project narrative

On November 24, 2003, financial close was reached on a deal in which a syndicate of 35 banks — including Bank of China — entered into a $1.5 billion USD syndicated loan agreement with MGM Mirage and MGM Grand Detroit, a Nevada-based gaming and hospitality corporation and its Michigan-based joint venture. The loan's maturity date was November 24, 2008, and the interest rate was LIBOR plus an applicable margin. The proceeds of the loan were used to refinance outstanding loans under MGM’s previous multi-year and short-term agreements, finance expenses associated with the transaction, support capital expenditures and permitted acquisitions and investments, and for general corporate purposes. While Bank of China contributed an undisclosed portion to this loan (Record ID#), the following lenders also participated: Bank of America, JPMorgan Chase, Citicorp USA, Wells Fargo, Deutsche Bank, Royal Bank of Scotland, Commerzbank, Bank of Scotland, Bank of Nova Scotia, Scotiabanc, Société Générale, Barclays, Wachovia, Fleet National Bank, Bank One, Bank of New York, KeyBank, CIBC Inc., BNP Paribas, Mizuho Corporate Bank, Comerica Bank, Sumitomo Mitsui Banking Corporation, Bank of Ireland, PB Capital, UFJ Bank, Standard Federal Bank, Allied Irish Bank, HSH Nordbank, Erste Bank, Oak Brook Bank, Bank of Hawaii, The Peoples Bank (Biloxi, Mississippi), Trustmark National Bank, and General Electric Capital Corporation.