US$600-mln bond listing for Okada’s Universal in Singapore
Japanese gaming investment company Universal Entertainment Corp is to list US$600-million worth of bonds on the bond market of the Singapore Exchange (SGX) with effect from 9am on Tuesday.
The company said so in a filing to SGX on Monday. The corporate notes – in denominations of US$250,000 each – will bear interest of 12 percent and are due in 2020.
The principal paying agent for the bonds – which are to be quoted and traded in U.S. dollars – is Deutsche Bank AG in Hong Kong.
Universal Entertainment had said in a filing to the Jasdaq exchange in Japan in late July that it intended to place between US$600 million and US$900 million in offshore private notes, with the size of the placement dependent on demand.
Funds raised would be used for “repayment of existing short-term debt and payment for construction and development of Manila Bay Resorts,” added Universal Entertainment, referring to a casino venue (pictured) being built in the Philippines.
Billionaire gaming entrepreneur Kazuo Okada, who made his original fortune via Japan’s pachinko industry, controls Universal Entertainment.
Another company controlled by Mr Okada – Tiger Resort, Leisure and Entertainment Inc – is currently building Manila Bay Resorts. Tiger Resort in late July said it aimed to open the venue – described as an approximately US$2-billion project – in 2016.
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