New Zealand’s SkyCity Entertainment Group says it has extended and consolidated two tranches of its existing bank facilities into a single facility ahead of their scheduled maturities in July and September 2027.
In a filing, the company revealed that its NZ$57.5 million (US$33.3 million) and NZ$80.0 million (US$46.3 million) tranches have been consolidated into a single facility of NZ$140.0 million (US$81.0 million), representing an increase of NZ$2.5 million (US$1.4 million) and now maturing on 15 September 2029.
The key terms of the amended facility, including pricing, are otherwise unchanged, SkyCity added.
As a result, the company now has access to NZ$277.5 million (US$161 million) of revolving credit facilities, comprising a NZ$137.5 million (US$79.6 million) facility maturing on 15 September 2028 and the consolidated NZ$140.0 million facility maturing on 15 September 2029.
“These facilities are currently undrawn and provide flexibility for considering future options for the structure of SkyCity’s debt,” it explained.
SkyCity has been active in addressing its liquidity in recent weeks, locking in the sale of an office building and investment properties located near SkyCity Auckland and last week entering into a non-binding heads of agreement for the sale of the property’s luxury The Grand Hotel.
Those transactions form part of SkyCity’s “Asset Monetisation Programme,” announced last year with the goal of boosting liquidity and reducing leverage.
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