May 03, 2018 Newsdesk Latest News, Rest of Asia, Top of the deck
Casino operator Genting Malaysia Bhd says its wholly-owned subsidiary Genting Malaysia Capital has filed to establish a medium-term note programme with a nominal value of MYR3 billion (US$761.5 million). The notes will be “irrevocably and unconditionally” guaranteed by Genting Malaysia, said the parent company in a filing to Bursa Malaysia.
Genting Malaysia said the net proceeds would be used for the group’s “operating expenses, capital expenditure, investment, refinancing, working capital requirements and/or general funding requirements”. This could include the development or redevelopment of its properties, including the one at Genting Highlands in Malaysia.
Genting Malaysia runs Resorts World Genting (pictured), Malaysia’s only casino resort, located in an upland area outside them capital Kuala Lumpur, and operates casinos in the United States, the Bahamas and the United Kingdom.
Resorts World Genting is undergoing a major revamp, dubbed the Genting Integrated Tourism Plan (GITP). It is a multi-phase initiative described as a 10-year, MYR10-billion master plan. The Malaysian property has already opened several new facilities and attractions, and management has said it expects to open the 20th Century Fox World Malaysia theme park by year-end.
In the latest filing, Genting Malaysia said the new note programme “is expected to provide the group with the flexibility to time its fund-raising exercises with varying nominal value and tenures in accordance with its funding requirements”.
“The group will also be able to have access to a diversified pool of investors in the local capital markets,” it added.
According to the filing, each note shall have maturity of more than one year and up to 20 years. The programme will have a tenure of 20 years from the date of first issuance of notes.
CIMB Investment Bank Bhd and Maybank Investment Bank Bhd have been appointed as the joint principal advisers and lead arrangers.
In February, Genting Malaysia said its full-year 2017 net profit fell by 59.7 percent year-on-year to approximately MYR1.16 billion.
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