A subsidiary of casino investor Melco Resorts and Entertainment Ltd says it has priced an offering of new debt which is part of a rearrangement of its borrowings.
The company’s subsidiary, Melco Resorts Finance Ltd, issued a written statement on Wednesday saying it has priced at 100 percent its international offering of US$500 million of 5.25 percent senior notes due 2026.
Melco Resorts Finance said it intended to use the net proceeds to repay in part the principal amount outstanding under a revolving credit facility of the amended and restated credit facilities entered into in 2015 by Melco Resorts (Macau) Ltd, a subsidiary of Melco Resorts Finance.
Melco Resorts Finance said the new notes were proposed to be senior obligations of the issuer, ranking equally with all its present and future senior indebtedness.
Melco Resorts and Entertainment – operator of casinos in Macau and the Philippines – owns Melco Resorts Finance in its entirety, but the parent company will not be a guarantor of the new notes, the statement said.
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