GGRAsia – Casino op Travellers refinancing dollar bonds in peso loans

Casino op Travellers refinancing dollar bonds in peso loans

Mar 29, 2017 Newsdesk Latest News, Philippines, Top of the deck

The operator of the Resorts World Manila casino resort in the Philippines has confirmed in a Wednesday filing to the country’s bourse that it is seeking to refinance a US$300-million bond reportedly maturing in November, with Philippine peso-denominated loan facilities.

Travellers International Hotel Group Inc – a venture between local conglomerate Alliance Global Group Inc and Hong Kong-listed cruise ship operator Genting Hong Kong Ltd – had net debt of PHP8.6 billion (US$171.3 million) as of the end of 2016, according to Travellers International’s 2016 annual results filed on March 16.

“The company confirms that… Kingson U. Sian stated that arrangements are being made to fund the company’s US$300-million bond maturing late this year with peso-denominated loan facilities,” Travellers International stated in Wednesday’s filing.

Travellers International is also promoting the development of another private-sector casino resort in Manila, to be called Westside City Resorts World. It is currently scheduled to launch in 2021, according to company announcements.

Travellers International’s confirmation of the group’s planned refinancing exercise on some U.S.-dollar-denominated bonds came following a report in the Business World news outlet on Wednesday, quoting Kingson Sian, Travellers International’s president and chief executive.

Mr Sian also reportedly said Alliance Global intended to refinance US$500-million in bonds due in August. According to the media outlet, the executive outlined that while Alliance Global had U.S.-dollar-denominated revenues, Travellers International earned its money in local currency.