Global casino operator Genting Malaysia Bhd said two of its units have priced an additional offer of US$100 million in senior unsecured notes due in 2029, at 7.250 percent.
The offer – priced on September 13 – was made jointly by Genting New York LLC and GENNY Capital Inc, said a Tuesday filing to Bursa Malaysia. The issuers are indirect wholly-owned subsidiaries of Genting Malaysia, part of Malaysian conglomerate Genting Bhd.
“The net proceeds from these additional notes will be used for repaying existing indebtedness,” stated the parent company.
The additional notes form part of the same series as the initial US$525.0-million aggregate principal amount of notes that were priced on September 10.
Tuesday’s filing said S&P Global Ratings and Fitch Ratings Ltd had respectively assigned BB+ ‘stable’ and BBB- ‘negative’ ratings to the additional notes.
It also stated that “approval in principle” had been received for the listing of the notes with Singapore Exchange Securities Trading Ltd.
When it announced the original note offering last week, the group said Genting New York would also “enter into a new senior secured credit facility, which will include a US$775.0 million delayed draw term loan facility and a US$150.0 million revolving credit facility”.
Genting New York has announced plans to invest up to US$5 billion if it gets one of the three likely downstate New York casino licences.
The group runs the current downstate gaming operation Resorts World New York City.
