Melco Resorts Finance Ltd, a unit of Nasdaq-listed Asian casino developer Melco Resorts and Entertainment Ltd, said in a press release on Tuesday that it planned to conduct an international offering of 4.875-percent senior notes due in 2025.
The company said the offering consists of US$350 million aggregate principal amount of additional notes, priced at 100.75 percent of the principal amount plus accrued interest from June 6, 2017 to, but not including, the issue date of the additional notes.
The net proceeds from the offer would be used to repay in full a US$350-million revolving credit facility of Melco Crown (Macau) Ltd, a subsidiary of Melco Resorts Finance, the firm had said. The credit facility was entered into by Melco Crown (Macau) in 2015.
Melco Resorts Finance did not specify whether the exercise was connected with the recent untying of business links between Hong Kong-listed Melco International Development Ltd, controlled by Lawrence Ho Yau Lung, and Australian casino operator Crown Resorts Ltd, controlled by James Packer.
In May, Crown Resorts completed the disposal of its remaining stake in Melco Resorts, a company that operates casino properties in Macau and in the Philippines.
Melco Resorts Finance had flagged in late May the pricing of an international offering of senior notes to an aggregate of US$650 million. The offering was officially announced in early June and consisted of 4.875-percent senior notes due in 2025, the unit had said. That exercise was to cover the redemption of all of the firm’s outstanding 5.00-percent senior notes due 2021.
The proposed additional notes will be issued under the same scheme. The pricing of the instruments is yet to be determined, but they would be offered and sold in the United States, to qualified institutional buyers, said Melco Resorts Finance.
(Updated at 9.55am, June 28)
Aug 16, 2018Food and drink have been heavily marketed as part of Macau...
Jun 27, 2018Macau’s gaming law needs to be amended in order to...
Jun 25, 2018Electronic casino game distributor Asia Pioneer...
Aug 17, 2018Nearly 900 employees of MGM China Holdings Ltd graduated this week from training programmes put on by the Macau casino operator. A MGM China press release said the company held a graduation ceremony...
Aug 17, 2018
Aug 17, 2018
"The ICAC in Hong Kong has the authority to detain people or to arrest people. But being detained or arrested – and actually being charged – are completely different things"
Japanese gaming entrepreneur