Melco Crown Gaming (Macau) Limited Closes Refinancing

Melco Crown Entertainment MPEL today announced that on June 30, 2011, its subsidiary, Melco Crown Gaming Limited, completed the refinancing of its existing credit facilities primarily connected to the City of Dreams and Altira projects. The refinancing credit facilities are for approximately US$1,200 million, and were arranged by Australia and New Zealand Banking Group Limited, Bank of America, N.A., Bank of China Limited, Macau Branch, Commerzbank AG and Deutsche Bank AG, Singapore Branch as coordinating lead arrangers and bookrunners. The transaction was previously announced to the market on April 26, 2011 following MPEL Gaming's entry into a commitment letter with a group of lenders on April 21, 2011. The New Facilities consist of an amortizing term loan facility for the equivalent of approximately US$800,000,000 ("Term Loan Facility") for the purpose of partially refinancing existing debt and the payment of associated fees, costs and other expenses and a revolving credit facility for the equivalent of approximately US$400,000,000 ("Revolving Credit Facility") to fund the partial refinancing of existing debt, certain maintenance capital expenditure and general working capital purposes. The Term Loan Facility has been fully drawn and the balance of the Revolving Credit Facility will be available for drawdown in Hong Kong dollars, each bearing interest at HIBOR plus a margin. Compared to the terms of the City of Dreams Project Facility, the New Facilities reduce and remove certain restrictions on our business that were imposed by the covenants in the City of Dreams Project Facility, providing us with greater flexibility to conduct our business and pursue growth and expansion opportunities. Although the pricing terms of the New Facilities are higher than the pricing terms of the City of Dreams Project Facility, we believe they are in line with market pricing terms. The term of the New Facilities is five years (or, if earlier, on the date of repayment, prepayment and/or cancellation of the New Facilities), which is beyond the maturity date of the City of Dreams Project Facility.