KUALA LUMPUR (April 6): Genting Bhd’s indirect wholly-owned subsidiaries Resorts World Las Vegas LLC (RWLV) and RWLV Capital Inc (RWLV Capital), which had last week priced their offering of US$350 million of 4.625% senior notes, announced that these notes will be listed and quoted in the bond market with effect from 9am tomorrow.

The senior notes, which is to repay borrowings, were issued today.

The notes will be quoted and traded in US dollars and will be in denomination of US$200,000 and in integral multiples of US$1,000, according to a filing with the Singapore Exchange (SGX) today.

The notes will be traded in a minimum board lot size of US$200,000.

The principal paying agent is Citibank, while the lead managers of the notes are BNP Paribas Securities Corp, Citigroup Global Markets Inc, DBS Bank Ltd, JP Morgan Securities LLC, SMBC Nikko Securities America Inc, Barclays Bank PLC, Fifth Third Securities Inc, KeyBanc Capital Markets Inc and Oversea-Chinese Banking Corp Ltd.

Both the notes will not be CDP eligible securities and will not be settled through CDP.

According to the SGX website, CDP or the Central Depository (Pte) Ltd — which is a wholly-owned subsidiary of SGX — provides integrated clearing, settlement and depository services for a wide range of products in the Singapore Securities Market.

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

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, said Genting in the filing then.

Genting also said the notes have been offered and sold in the US 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.

At 12.18pm, shares of Genting were five sen or 0.96% lower at RM5.17, valuing it at RM20.04 billion. Over the past year, the counter had gained 32.6% from RM3.90.

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