Hong Kong-listed casino operator NagaCorp Ltd says it is to issue additional 7.95-percent senior notes in the aggregate principal amount of US$200 million. The notes, which will not be convertible into shares, will mature on July 6, 2024, said the company in a Monday filing.
NagaCorp is the monopoly casino operator in Phnom Penh, capital of Cambodia, where it runs the NagaWorld casino resort.
The new notes are to be consolidated and form the same series as the US$350-million notes issued last year, stated the casino firm.
In Monday’s filing, NagacCorp said it was “pleased with the successful pricing” of the additional notes, and the “positive response” it had received from investors.
“The order book reached an amount of over US$580 million and the company believes that the success of this transaction reflects investors’ confidence in the company’s long-term strategy and solid credit profile,” stated NagaCorp.
The company said the new note offering was to “raise additional capital to strengthen the group’s working capital and for other general corporate purposes.”
The offer price of the additional notes will be 103.608 percent of the principal amount, plus accrued interest from January 6, 2021, added the firm. It said it expected the net proceeds from the exercise – after deduction of fees, commissions and expenses – to amount to nearly US$211.6 million.
In a separate filing on Monday, NagaCorp had confirmed job lay-offs at NagaWorld, as well as pay cuts, the latter effective since March. The firm said these were “proactive measures” to manage the impact of the Covid-19 pandemic, as the casino resort has been shuttered since early March.
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