Cambodian casino operator NagaCorp Ltd announced on Tuesday the details of its note offering intended to raise funds to promote further growth of the firm’s gaming business and to refurbish the NagaWorld property (pictured), its casino resort in Cambodia’s capital Phnom Penh.
The casino operator said it has entered into a purchase agreement with Credit Suisse (Hong Kong) Ltd and Morgan Stanley and Co International Plc in connection with the firm’s issuing of notes in the aggregate amount of US$300 million. The notes, maturing on May 21, 2021, will bear interest at the rate of 9.375 percent per annum, according to NagaCorp’s Tuesday filing to the Hong Kong Stock Exchange.
NagaCorp said it expected net proceeds of approximately US$290 million from the note issuing exercise. The proceeds are intended to be used to “promote gaming business growth, particularly in the VIP gaming segment”, and to “refurbish the hotel rooms in Naga1″.
The Hong Kong-listed company has an exclusive licence to operate casinos in Cambodia’s capital and surroundings. It started operations with the NagaWorld property, now referred to as Naga 1, which opened in December 2006. That property now links to Naga 2, an expansion that opened in November last year.
Naga 1 and Naga 2 combined are now described as the NagaWorld Complex, and are connected via an underground shopping mall known as NagaCity Walk.
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