Apr 14, 2021 Newsdesk Latest News, Rest of Asia, Top of the deck  
Casino operator Genting Malaysia Bhd says that one of its units is to issue US$1.0 billion in 3.882-percent senior unsecured notes due 2031. The notes will be fully and unconditionally guaranteed by Genting Malaysia, it said in a Tuesday filing.
The net proceeds “will be used by the company and/or its subsidiaries to refinance existing borrowings and for capital (including investment) and working capital requirements,” stated Genting Malaysia.
The offering is being conducted by Genting Malaysia Capital Labuan Ltd. The parent company said it had already obtained approval from the Central Bank of Malaysia, and that the offering was “not subject to any other regulatory or shareholders’ approval”.
According to the filing, the notes have been offered and sold in the United States “only to qualified institutional buyers.” It is anticipated that the notes will be listed and quoted via Singapore Exchange Securities, and will be listed – but not quoted for trading – on Bursa Malaysia.
Covenants attached to the notes limit Genting Malaysia’s ability either to: encumber its own assets; merge or consolidate with another company; transfer or sell all or substantially all of its assets; or enter into sale and lease-back transactions. “These covenants will be subject to a number of important exceptions and qualifications,” said the casino firm.
Fitch Ratings Inc said in a note earlier this month it had issued a ‘BBB’ rating – investment grade – regarding the proposed notes from Genting Malaysia’s subsidiary. The institution also said Genting Malaysia’s long-term issuer default was ‘BBB’, with a ‘negative’ outlook.
The ratings agency also said that Genting Malaysia should be able to “deleverage in one or two years” thanks to “gradual” recovery in demand following the Covid-19 pandemic.
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