• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Casino operator NagaCorp ups note issue to US$350mln

Jun 26, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck  


Casino operator NagaCorp ups note issue to US$350mln

A new note offering proposed on Monday by NagaCorp Ltd, monopoly operator of a casino complex in the Cambodian capital Phnom Penh, is US$50 million more in principal amount than first flagged, the firm said in a Thursday filing.

A Thursday filing to the Hong Kong Stock Exchange said the aggregate principal of the notes would be US$350 million, compared to the US$300 million proposed on Monday.

Gaming at the NagaWorld site has been suspended since April 1 on the orders of the country’s government, as part of national measures to prevent the spread locally of the novel coronavirus responsible for Covid-19 infection.

Standard & Poor’s (S&P) Global Ratings stated on Monday that it expected the new note offering would help NagaCorp improve its liquidity.

The US$350 million in new notes will bear 7.95 percent annual interest and be due in 2024.

Net proceeds of the senior notes, after deduction of fees, commissions and expenses, will amount to approximately US$336.9 million, the firm stated in its update.

It said it would use the proceeds to redeem “some or all” of its outstanding 2021 notes, including any accrued interest, and other necessary payments “on or prior to” their 2021 maturity.

Any money left over would be used for “general corporate purposes of the company and its restricted subsidiaries”.

The firm has a long-life monopoly casino licence – recently extended to the year 2045 – for the area of the Cambodian capital Phnom Penh, where it runs the NagaWorld complex.

The firm said in its Thursday announcement that approval in principle had been received for the listing and quotation of the notes on the securities-trading portion of the Singapore Stock Exchange.

“No listing of the notes has been, or will be, sought in Hong Kong,” added the statement.

The filing confirmed that a special-purpose vehicle wholly owned by Chen Lip Keong, the chief executive of NagaCorp, had subscribed to US$45 million in aggregate principal amount from the new notes. Under Hong Kong bourse rules, the entity concerned is considered a “connected person” in relation to NagaCorp.

The guarantors of the notes are: NagaCorp (HK) Ltd; NagaWorld Ltd; NagaCity Walk Ltd; Naga 2 Land Ltd; and Naga 3 Co Ltd.

The purchase agreement on the notes has been made with: Credit Suisse (Hong Kong) Ltd; UBS AG Hong Kong Branch; and Morgan Stanley & Co International Plc.

Covenants attached to the notes include restricting the ability of NagaCorp and its restricted subsidiaries to: “incur or guarantee additional indebtedness”; sell assets; enter into transactions with shareholders or affiliates; or “effect a consolidation or merger”.


  • tweet
Related articles
  • Donaco to restart gaming operations at Star Vegas
    Donaco to restart gaming operations at...

    Jun 17, 2022  

  • NagaWorld to launch fresh premium mass gaming area in 2H
    NagaWorld to launch fresh premium mass...

    Jun 13, 2022  

More news
  • Covid-19 test certificate to enter Macau casinos
    Covid-19 test certificate to enter...

    Jun 27, 2022  

  • Parisian quarantine hotel as Macau Covid cases near 360
    Parisian quarantine hotel as Macau...

    Jun 27, 2022  


Latest News

Covid-19 test certificate to enter Macau casinos

Covid-19 test certificate to enter Macau casinos

Jun 27, 2022  

Macau’s health authorities said on Sunday that they would require all people wishing to enter the city’s casinos not only to have their body temperature measured and to display a...
Read More
Parisian quarantine hotel as Macau Covid cases near 360

Parisian quarantine hotel as Macau Covid cases near 360

Jun 27, 2022  

Maybe new Macau mass Covid test, community spread still

Maybe new Macau mass Covid test, community spread still

Jun 24, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


357

The aggregate number – as of end of Sunday – of confirmed infections in Macau linked to the most serious Covid-19 outbreak impacting the city since the start of the pandemic in 2020



Most Popular

  • Maybe new Macau mass Covid test, community spread stillMaybe new Macau mass Covid test, community spread still June 24, 2022
  • Blackstone clinches US$6.15bln takeover of Crown ResortsBlackstone clinches US$6.15bln takeover of Crown Resorts June 24, 2022
  • Parisian quarantine hotel as Macau Covid cases near 360Parisian quarantine hotel as Macau Covid cases near 360 June 27, 2022
  • Covid-19 test certificate to enter Macau casinosCovid-19 test certificate to enter Macau casinos June 27, 2022
  • Jeju still studying online gaming for its casinos: govtJeju still studying online gaming for its casinos: govt June 24, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us