Melco Resorts Finance extra US$350mln in senior notes
Melco Resorts Finance Ltd, a wholly-owned subsidiary of casino operator Melco Resorts and Entertainment Ltd, announced on Tuesday the pricing of its additional international offering of 5.750-percent senior notes due in 2028. It will mean raising US$350 million to supplement the US$500 million already announced via such instruments.
The net proceeds from the new exercise are to be used for “general corporate purposes”, Melco Resorts and Entertainment had mentioned in a Monday filing to Nasdaq.
The new offering of US$350-million in aggregate principal amount, sees the notes priced at 101 percent of the principal amount plus accrued interest from July 21, 2020 – though the issue date of the notes is excluded from that calculation – according to the Tuesday statement.
The new notes will rank equally with Melco Resorts Finance’s existing and future senior debt, the Tuesday statement noted. Melco Resorts and Entertainment will not be a guarantor of the new notes.
The new exercise would take recent fundraising by the casino group and associated businesses to well over US$2 billion.
Melco Resorts and Entertainment has the bulk of its operations in Macau, where its flagship resort is City of Dreams (pictured). Within the Macau market, the company also controls Studio City International Holdings Ltd, which it shares with minority partners, and runs gaming operations at the Studio City casino resort complex in Macau’s Cotai strip.
Outside Macau, Melco Resorts and Entertainment also operates casinos in the Philippines and the Republic of Cyprus.
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