SJM Holdings chairman and chief executive Daisy Ho said Thursday she was confident the company would complete the refinancing of a syndicated loan facility in the current quarter as it seeks to increase liquidity.
SJM’s financial situation has been the subject of much discussion in recent months, with analysts noting that it has far less cash on hand than its fellow dealers in Macau. Investment bank Morgan Stanley said earlier this week that SJM had only five months of cash, compared to more than two years for its peers, despite the company recently receiving government approval for the refinancing of the debt, which had been pending for over 12 months. .
SJM had earlier this year extended the maturity of its loans by 12 months – comprising a HK$15 billion term loan and a HK$10 billion revolving credit facility – however, speaking to the media during a an event at the Grand Lisboa Palace on Thursday, Ho said she was confident the refinancing would be completed soon.
“I am very grateful for the support from the parent company (STDM, which previously pledged a HK$5 billion loan), but I hope SJM will use its own capacity to secure the financing,” Ho said.
“We are all working with the syndicate banks on the details and hope to reach an agreement in the coming weeks.”
Ho was also asked about plans to open additional facilities at the company’s integrated Cotai complex, the Grand Lisboa Palace, including the Palazzo Versace Hotel, but said there were no plans yet. final in place.
“The opening will depend on the situation of the COVID-19 pandemic. We need to keep an eye on visits before deciding when to open. »