Genting subsidiaries price US$350m bonds with 4.625% coupon rate to repay borrowings

TheEdge Wed, Mar 31, 2021 02:51pm - 2 years View Original


KUALA LUMPUR (March 31): Genting Bhd said today its indirect wholly-owned subsidiaries Resorts World Las Vegas LLC (RWLV) and RWLV Capital Inc (RWLV Capital) had on Tuesday priced their offering of US$350 million of 4.625% senior notes to repay borrowings.

Genting told Bursa Malaysia in a filing today that the notes due 2031 are expected to be listed in the official list of the Singapore Exchange Securities Trading Ltd (SGX-ST).

According to Genting, the net proceeds from the issue of the notes will be used by RWLV to repay borrowings outstanding under its US$1.6 billion senior secured credit facilities maturing in 2024, as well as to pay transaction fees and expenses associated with the offering.

Genting said the notes have been offered and sold in the United States only to qualified institutional buyers in reliance on the exemption from the registration requirements of the United States Securities Act of 1933, as amended provided by Rule 144A under the Securities Act, and only to certain non-US persons in offshore transactions outside the United States in reliance on Regulation S under the Securities Act.

“The notes will have the benefit of various funding support agreements to be provided by Genting Overseas Holdings Ltd (GOHL), a direct wholly-owned subsidiary of Genting. The notes will also have the benefit of a keepwell deed to be provided by Genting,” said the group.

S&P Global Ratings has assigned a long-term issue rating of BBB- to the notes, whilst Fitch Ratings Ltd has assigned a BBB rating to the notes.

BNP Paribas Securities Corp, Citigroup Global Markets Inc, DBS Bank Ltd, J.P. Morgan Securities LLC and SMBC Nikko Securities America Inc are the joint global coordinators for the offering.

“Barclays Bank PLC, Fifth Third Securities Inc and KeyBanc Capital Markets Inc are the joint bookrunners for the offering. Oversea-Chinese Banking Corporation Ltd is the co-manager for the offering,” it added.

At noon break, Genting settled five sen or 0.97% lower at RM5.08, giving the group a market capitalisation of RM19.69 billion.

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Related Stocks

BURSA 7.460
GENTING 4.720

Comments

Login to comment.