Document:

mgm-ex103_31.htm

Exhibit 10.3

 

AMENDMENT LETTER

	
To:
	
BANK OF AMERICA, NATIONAL ASSOCIATION, a national banking association organized and existing with limited liability under the laws of the United States of America as Facility Agent

	
Attention:
	
Ms Wynnie Lam

2 February 2021

Dear Sir or Madam

MGM CHINA HOLDINGS LIMITED (the Company) – HK$9,750,000,000 revolving credit facility agreement dated 12 August 2019 between, among others, the Company and Bank of America, National Association, a national banking association organized and existing with limited liability under the laws of the United States of America, as facility agent (the Facility Agent) (the Facility Agreement).

	
1
	
INTRODUCTION

We refer to the Facility Agreement. Terms defined in the Facility Agreement have, unless otherwise defined in this letter, the same meaning when used in this letter.

	
2
	
REQUEST FOR AMENDMENT

In light of the pro-longed impact of COVID-19, we request Majority Lenders consent to the amendments to the Facility Agreement that are set out in Schedule 1 (Amendment) to this letter (the Amendments) and that you provide us with the outcome of such consent process no later than 5.00 p.m. Hong Kong time on 3 March  2021. The Amendments will become effective on the date of your countersignature of this letter pursuant to clause 25.1(a) (Procedure) of the Facility Agreement indicating that they have been consented to by the Majority Lenders (such date being the Effective Date). 

	
3
	
CONSENT FEE

In consideration for its agreement, and subject always to Majority Lender consent having been obtained, each Lender that provides its written consent to the Amendments (in the form of an email) to the Facility Agent by no later than 5pm Hong Kong time on 3 March  2021, will be paid a fee in an amount equal to 0.125 per cent of the aggregate amount of that Lender’s Commitment as of close of business in Hong Kong on 3 March 2021, such fee being payable  on 10 March 2021, so long as the Lender’s Commitment as calculated on 3 March 2021 has not changed after this date. 

	
4
	
MISCELLANEOUS

	
(a)
	
This letter is a Finance Document

	
(b)
	
This letter and any non-contractual obligations arising out of or in connection with it are governed by English law. Clause 37 (Enforcement) of the Facility Agreement shall apply in respect of any dispute arising out of or in connection with this letter or any non-contractual obligation arising out of or in connection with this letter as if references in clause 37 (Enforcement) of the Facility Agreement to “Finance Document” or “Finance Documents” were references to this letter.

	
(c)
	
This letter may be executed in any number of counterparts which when taken together shall be deemed to constitute one and the same letter.

1

 

Yours faithfully,

 

	
By:
	

	
 
	

	
 
	
Kenneth Xiaofeng Feng
	
 
	
Antonio Menano

	
 
	
President, Strategic & Chief Financial Officer
	
 
	
Executive V.P. Legal & General Counsel

 

For

MGM CHINA HOLDINGS LIMITED

On counterpart

We confirm pursuant to clause 25.1(a) (Procedure) of the Facility Agreement that the Amendments are agreed to by the Majority Lenders and become effective on the date set out below.

 

	
By:
	

	
 

 

For 

BANK OF AMERICA, NATIONAL ASSOCIATION, a national banking association organized and existing with limited liability under the laws of the United States of America as Facility Agent (for itself and the other Finance Parties) acting on the instructions of the Majority Lenders

Date: 24 February 2021

 

2

 

SCHEDULE 1

AMENDMENT

 

	
1.
	
Leverage Ratio 

Clause 17.3 (Leverage Ratio) of the Facility Agreement is to be deleted in its entirety and replaced with the following: 

“17.3Leverage Ratio

The Company must ensure that, on each Accounting Date set out in the column entitled ‘Accounting Date’ in the table below, the Leverage Ratio does not exceed the ratio set out opposite the relevant Accounting Date in the column entitled ‘Leverage Ratio’ (if any) in the table below: 

 

		
	
Accounting Date
	
Leverage Ratio

	
31 December 2019
	
4.50:1.00

	
31 March 2020
	
6.00:1.00

	
30 June 2020 / 30 September 2020 / 31 December 2020 / 31 March 2021 / 30 June 2021 / 30 September 2021 / 31 December 2021 / 31 March 2022 / 30 June 2022 / 30 September 2022 / 31 December 2022
	
Not applicable  

	
Each Accounting Date occurring on and after 31 March 2023
	
4.50:1.00

 

	
2.
	
Interest Coverage Ratio 

Clause 17.4 (Interest Coverage Ratio) of the Facility Agreement is to be deleted in its entirety and replaced with the following:

“17.4Interest Coverage Ratio

The Company must ensure that on each Accounting Date set out in the column entitled ‘Accounting Date’ in the table below, the Interest Coverage Ratio is not less than the ratio set out opposite the relevant Accounting Date in the column entitled ‘Interest Coverage Ratio’ in the table below:

3

 

 

		
	
Accounting Date
	
Interest Coverage Ratio

	
31 December 2019
	
2.50:1.00

	
31 March 2020
	
2.50:1.00

	
30 June 2020 / 30 September 2020 / 31 December 2020 / 31 March 2021 / 30 June 2021 / 30 September 2021 / 31 December 2021 / 31 March 2022 / 30 June 2022 / 30 September 2022 / 31 December 2022
	
Not applicable  

	
Each Accounting Date occurring on and after 31 March 2023
	
2.50:1.00

 

4mgm-ex104_30.htm

Exhibit 10.4

 

AMENDMENT LETTER

	
To:
	
INDUSTRIAL AND COMMERCIAL BANK OF CHINA (MACAU) LIMITED, with offices at 18/F, ICBC Tower, Macau Landmark, 555 Avenida da Amizade, Macau as Facility Agent

	
Attention:
	
Ms Linda Chan

2 February 2021

 

Dear Sir or Madam

MGM CHINA HOLDINGS LIMITED (the Company) – HK$3,120,000,000 revolving credit facility agreement dated 26 May 2020 between, among others, the Company and Industrial and Commercial Bank of China (Macau) Limited, as facility agent (the Facility Agent) (the Facility Agreement).

	
1
	
INTRODUCTION

We refer to the Facility Agreement.  Terms defined in the Facility Agreement have, unless otherwise defined in this letter, the same meaning when used in this letter.

	
2
	
REQUEST FOR AMENDMENT

In light of the pro-longed impact of COVID-19, we request Majority Lenders consent to the amendments to the Facility Agreement that are set out in Schedule 1 (Amendment) to this letter (the Amendments) and that you provide us with the outcome of such consent process no later than 5.00 p.m. Hong Kong time on 3 March  2021. The Amendments will become effective on the date of your countersignature of this letter pursuant to clause 25.1(a) (Procedure) of the Facility Agreement indicating that they have been consented to by the Majority Lenders (such date being the Effective Date).  

	
3
	
CONSENT FEE

In consideration for its agreement,and subject always to Majority Lender consent having been obtained, each Lender that provides its written consent to the Amendments (in the form of an email) to the Facility Agent by not later than 5pm Hong Kong time on 3 March 2021, will be paid a fee in an amount equal to 0.125 per cent of the aggregate amount of that Lender’s Commitment, as of close of business  in Hong Kong on 3 March 2021, such fee being payable on 10 March 2021, so long as the Lender’s Commitment as calculated on 3 March 2021 has not changed after this date.  

	
4
	
MISCELLANEOUS

	
 
	
(a)
	
This letter is a Finance Document

	
 
	
(b)
	
This letter and any non-contractual obligations arising out of or in connection with it are governed by English law.  Clause 37 (Enforcement) of the Facility Agreement shall apply in respect of any dispute arising out of or in connection with this letter or any non-contractual obligation arising out of or in connection with this letter as if references in clause 37 (Enforcement) of the Facility Agreement to “Finance Document” or “Finance Documents” were references to this letter.

	
 
	
(c)
	
This letter may be executed in any number of counterparts which when taken together shall be deemed to constitute one and the same letter.

 

 

1

 

 

Yours faithfully,

 

	
By:
	

	

	
 
	
Kenneth Xiaofeng Feng
	
Antonio Menano

	
 
	
President, Strategic & Chief Financial Officer
	
Executive V.P. Legal & General Counsel

 

For

MGM CHINA HOLDINGS LIMITED

On counterpart

We confirm pursuant to clause 25.1(a) (Procedure) of the Facility Agreement that the Amendments are agreed to by the Majority Lenders and become effective on the date set out below.

 

 

	
By:
	

 

 

 

For 

INDUSTRIAL AND COMMERCIAL BANK OF CHINA (MACAU) LIMITED, as Facility Agent (for itself and the other Finance Parties) acting on the instructions of the Majority Lenders

 

Date: 24 FEB 2021

2

 

SCHEDULE 1

AMENDMENT

	
1.
	
Leverage Ratio 

Clause 17.3 (Leverage Ratio) of the Facility Agreement is to be deleted in its entirety and replaced with the following: 

“17.3Leverage Ratio

The Company must ensure that, on each Accounting Date set out in the column entitled ‘Accounting Date’ in the table below, the Leverage Ratio does not exceed the ratio set out opposite the relevant Accounting Date in the column entitled ‘Leverage Ratio’ (if any) in the table below: 

 

		
	
Accounting Date
	
Leverage Ratio

	
30 June 2020 / 30 September 2020 / 
31 December 2020 / 31 March 2021 /    30 June 2021 / 30 September 2021 /     31 December 2021 /31 March 2022 /     30 June 2022 / 30 September 2022 /     31 December 2022
	
Not applicable  

	
Each Accounting Date occurring on and after 31 March 2023
	
4.50:1.00

 

	
2.
	
Interest Coverage Ratio 

Clause 17.4 (Interest Coverage Ratio) of the Facility Agreement is to be deleted in its entirety and replaced with the following:

“17.4Interest Coverage Ratio 

The Company must ensure that on each Accounting Date set out in the column entitled ‘Accounting Date’ in the table below, the Interest Coverage Ratio is not less than the ratio set out opposite the relevant Accounting Date in the column entitled ‘Interest Coverage Ratio’ in the table below:

 

		
	
Accounting Date
	
Interest Coverage Ratio

	
30 June 2020 / 30 September 2020 / 
31 December 2020 / 31 March 2021 /    30 June 2021 / 30 September 2021 /      31 December 2021 /31 March 2022 /     30 June 2022 / 30 September 2022 /      31 December 2022
	
Not applicable  

	
Each Accounting Date occurring on and after 31 March 2023
	
2.50:1.00

 

3

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