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SkyCity extends bank facilities to 2029 amid balance sheet restructuring

The group has consolidated two bank facility tranches as it continues efforts to strengthen its financial position.

· 1 min read
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Key Points
SkyCity has consolidated two existing bank facilities totalling NZ$137.5m (US$79.61m) into a new NZ$140m facility
The amended facility matures in September 2029, extending the previous July and September 2027 maturities
SkyCity now has NZ$277.5m in undrawn revolving credit facilities available

SkyCity Entertainment Group has extended and consolidated two tranches of its existing bank facilities, providing the casino operator with additional flexibility as it restructures its balance sheet.

The two facilities, worth NZ$57.5m and NZ$80m, were previously due to mature in July and September 2027 respectively. They have now been combined into a single NZ$140m facility maturing on 15 September 2029.

The new arrangement represents a NZ$2.5m increase in available funding, while other key terms, including pricing, remain unchanged. 

Following the transaction, SkyCity has access to NZ$277.5m in revolving credit facilities. This comprises NZ$137.5m maturing in September 2028 and the newly consolidated NZ$140m facility maturing one year later.

Both facilities are currently undrawn, giving the group additional flexibility as it considers the future structure of its debt. The refinancing comes as SkyCity pursues a broader programme to improve its financial position through asset sales.

Earlier this month, the group confirmed that the NZ$74.5m sale of its 99 Albert Street office building and investment properties on Victoria Street had become unconditional. Settlement with buyers Mainland Capital and Russell Property Group is scheduled for 1 September, with proceeds intended for debt repayment. SkyCity has also entered into a non-binding heads of agreement for the proposed sale of The Grand Hotel.

That transaction is targeted for completion in late 2026, subject to due diligence, binding documentation and expected Overseas Investment Office approval. Financial terms have not been disclosed.

Together, the refinancing and asset monetisation initiatives provide SkyCity with greater financial flexibility while the group continues to focus on its core gaming and hospitality operations.

Good to know

The refinancing comes alongside SkyCity's asset monetisation programme, with proceeds from planned disposals earmarked for debt reduction

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