Imperial Pacific raising US$38mln via bond placement

Nov 06, 2018 Newsdesk Latest News, Top of the deck, World  

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Imperial Pacific International Holdings Ltd, developer of a casino project on the Pacific island of Saipan, is seeking to raise HKD300 million (US$38.3 million) from a bond placement.

The company will use the net proceeds of the exercise – after deducting commissions and other estimated expenses – “for general corporate purposes,” it said in a Monday filing to the Hong Kong Stock Exchange.

Imperial Pacific has the right to an exclusive casino licence on Saipan, the main island of the Commonwealth of the Northern Mariana Islands, a United States jurisdiction. The company began in July last year gaming operations at its casino resort (pictured) on the Pacific island of Saipan. Previously it had been running an interim facility called Best Sunshine Live.

According to Monday’s filing, the sole placing agent is a firm called Run Investment Services Ltd. The bonds should be placed “to not less than six” independent third parties, said the Hong Kong-listed firm.

Imperial Pacific was in August granted another deadline extension, this time until February 28, 2021, to complete the initial phase of its casino resort, according to local media reports.

The previous deadline had expired on August 31, with no prospect of being met.

In July last year, the listed entity said it had reached an agreement with the Saipan authorities to amend the licence and downsize the scale of the development. Imperial Pacific had mentioned building a facility with 329 rooms in a four- or five-star hotel, gaming area of 14,140 square metres (152,202 sq feet), villas, restaurants, retail and meeting spaces.

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