THE M3: MBS LOAN REFI; OKADA NEPTUNE; CHINESE LOAN DATA

The Macau Metro Monitor, March 9, 2012

LAS VEGAS SANDS SAID TO HIRE GLOBAL COORDINATORS FOR LOAN Bloomberg, Reuters

LVS hired DBS Bank Ltd., Oversea-Chinese Banking Corp. and United Overseas Bank Ltd as global coordinators for a S$4.6BN (US$3.7BN) loan to refinance MBS debt.  The loan may be split into a S$4.1BN term facility and a S$500MM revolving credit facility which includes a S$100MM swing line facility.   The revolver is offering a commitment fee that is 40% of the margin if less than 50% of funds are drawn, or 35% if 50% or more are drawn. LVS is offering to pay a margin of 185bps more than the Singapore dollar swap offered rate on both facilities.   The term loan amortises in 16 quarterly unequal installments 2 years after the close. The weighted average life is 4.608 years.  The revolver's term would be 5 1/2 years.

THE M3: MBS LOAN REFI; OKADA NEPTUNE; CHINESE LOAN DATA - la1

One source said there is no limit on minimum or maximum ticket sizes or how much each bank has to commit, and upfront fees range from 100bp to 200bp.  A meeting has been set for April 4 with the borrower to discuss key lender commitments before the facility is marketed more widely to other banks.

WYNN GETS LEGAL VICTORY OVER OKADA Macau Business

Clark County District Court Judge Elizabeth Gonzalez ruled that WYNN is only obliged to turn over to Okada two pages of the several documents he was requesting access to.  She rejected Okada’s request for other documents, which she called “overbroad."

MACAU REGULATOR NOT INVESTIGATING NEPTUNE ALLEGATIONS Macau Business

Head regulator of the Macau Gaming Inspection and Coordination Bureau, Manuel Joaquim das Neves said it is not planning to investigate the operations of VIP room promoter Neptune Group Ltd. and its affiliated organisations to determine their suitability to do business in Macau.  This comes a day after the International Union of Operating Engineers (IUOE) called on the Nevada gaming regulators for an investigation into the relationship between Neptune and Las Vegas-based casino companies operating in Macau.

Mr Neves also said the regulator is not investigating the legal WYNN-Okada saga.  Although the regulator told Bloomberg in an email that it has started “the procedures of an investigation on the case that Okada versus Wynn,” Portuguese-language newspaper Jornal Tribuna de Macau today quotes the head of the bureau saying that the chances of Macau launching an investigation are “slim."

CHINA FEB LOANS DATA UNDERWHELMS, PRODS POLICYMAKERS Reuters

According to the PBoC, Chinese banks extended 710.7BN yuan (US$112.5BN) in new loans in February, well below market expectations of 750BN yuan and a sign that more monetary easing may be needed to keep credit growing.  China CPI eased to 3.2% last month while factory output growth of 11.4% fell back to its lowest since July 2009, expanding well below the consensus forecast of 12.3% on cooling demand at home and abroad.