Melco Resorts and Entertainment (Philippines) Corp says its management has approved the redemption of the remaining PHP2-billion (US$38.2 million) 5.00-percent fixed rate corporate secured notes.
The notes were issued by the firm’s subsidiary Melco Resorts Leisure (PHP) Corp on January 24, 2014, with a maturity date of January 24, 2019, according to a Thursday filing to the Philippine Stock Exchange.
Melco Resorts Philippines – a unit of Melco Resorts and Entertainment Ltd, an investor in Asian casinos – runs the City of Dreams Manila casino resort (pictured).
The notes facility and security agreement includes the Australia and New Zealand Banking Group Ltd and Deutsche Bank AG, Manila Branch as joint lead managers; and the Philippine National Bank – Trust Banking Group as facility agent, registrar, paying agency and security trustee, according to the latest filing.
Melco Resorts Philippines said last month that its majority shareholder – MCO (Philippines) Investments Ltd – began a tender offer to acquire the Melco Resorts Philippines shares that it does not already own. MCO Investments is offering PHP7.25 (nearly US$0.138) a share and the offer closes today, November 29.
The original purpose of the offer was to take Melco Resorts Philippines private. But the delisting idea was dropped last month, and MCO Investments decided instead it would increase its stake in Melco Resorts Philippines. MCO Investments said the operation would improve its ability to put its plans for Melco Resorts Philippines into action.
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"The opening of Morpheus only marks the beginning of the relaunch of City of Dreams"
Lawrence Ho Yau Lung
Chairman and chief executive of Asia casino developer and operator Melco Resorts