As previously announced, Melco Crown Entertainment through MCE Cotai Investments Limited ("MCE Cotai"), the 60% shareholder of SCI, has committed to invest a further US$350 million (the "MCE Follow On Commitment") of equity capital in SCI. This further investment is additional to the original equity capital commitment of the shareholders of SCI of US$800 million, of which approximately US$150 million has been funded (prior to the date of this announcement) by them. MCE Cotai has also granted an equity option to New Cotai, such that it may participate in up to 40% of the MCE Follow On Commitment. If New Cotai does not exercise its equity option in full, then MCE Cotai's equity in SCI may increase up to 67% following the investment of the MCE Follow On Commitment.Consequently, the amount of equity capital committed by the shareholders of SCI under the shareholders agreement is more than sufficient to cover the equity capital required under the senior secured credit facilities.
Melco Crown Entertainment Announces Signing Of Commitment Letter For Its Senior Secured Credit Facilities For The Development Of Studio City
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