Macau casino operator Wynn Macau Ltd said on Monday that it had redeemed in full on October 20 its notes due in 2021. Such notes had been issued in the aggregate amount of US$1.35 billion on dates in October 2013 and March 2014 respectively.
The company said it had already applied to the Hong Kong Stock Exchange to withdraw the listing of the 2021 notes. “Such withdrawal … is expected to become effective upon the close of business on 27 October 2017,” said Wynn Macau Ltd.
The company announced last month the issuance of US$1.35-billion worth of senior notes to professional investors. Wynn Macau Ltd said at the time it intended to use the net proceeds from the exercise – projected to be nearly US$1.34 billion – “together with other sources of funds available to the company and/or cash on hand” to “repurchase and redeem in full” the notes due in 2021.
The new exercise involved US$600-million in 4.875-percent senior notes due in 2024 and US$750-million in 5.500-percent senior notes due in 2027.
Feb 16, 2018Due to the Chinese New Year holiday, the GGRAsia team will be off between February 16 and 19. We will be back on February 20. We wish all our readers a prosperous Year of the Dog!
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”A challenge to Macau's economic model could potentially emerge over the longer term should China revise existing criminal laws that prohibit most forms of gambling in the mainland... Even in such a scenario, Fitch would expect this to occur gradually”
Fitch Ratings Inc