Nov 15, 2022 Newsdesk Latest News, Rest of Asia, Top of the deck  
A total of 58.0 percent of the principal amount of a possible US$120 million in 2024 senior notes have been tendered for repurchase in the invitation presented to investors by Cambodian casino operator NagaCorp Ltd.
A principal amount of just over US$69.5 million in the 7.95-percent senior notes due to mature in July 2024 had been tendered by the deadline of 5pm London time on November 11, said a Monday filing to the Hong Kong Stock Exchange.
The clearing price on the tendered notes was at an 8.5 percent discount to the principal amount, i.e., US$915 was payable per US$1,000 of principal.
Those accepting the proposal will however receive the clearing price, plus accrued interest, and it will be payable as of the settlement date, likely to be on or around Thursday (November 17), said the filing. The tendered and accepted notes will be cancelled.
Following the exercise, the principal amount of NagaCorp’s 2024 notes outstanding will be just below US$472,16 million.
NagaCorp runs the NagaWorld casino complex in Cambodia’s capital Phnom Penh, under a long-life monopoly licence.
Moody’s Investors Service Inc said last week that NagaCorp’s tender offer was not a “distressed exchange”, but that refinancing risk remained for the casino firm.
In October, NagaCorp reported nine-month earnings before interest, taxation, depreciation and amortisation (EBITDA) of US$183.2 million, versus negative EBITDA of US$17.4 million for the prior-year period.
Apr 11, 2024
Apr 10, 2024
Apr 25, 2024
Apr 25, 2024
Apr 25, 2024
Malaysia’s political leader, Prime Minister Anwar Ibrahim, described on Thursday as “a lie” and “not true” a Bloomberg report that the Malaysian government was mulling a second casino for...(Click here for more)
"The travel demand for May Golden Week looks solid to us, which means good foot traffic in Macau"
Jeffrey Kiang
Analyst at brokerage CLSA