Macau casino developer Galaxy Entertainment Group says it has received acceptances from investors for 48.6 percent of the bonds it offered to buy back last month. The company will pay USD86.35 million to repurchase fixed and floating-rate notes with a combined face value of USD170.22 million.
Investors agreed to sell floating-rate notes with a face value of USD113.9 million back to Galaxy, the company said in a statement to the Hong Kong stock exchange. Galaxy will also repurchase fixed-rate notes with a principal amount of USD56.3 million, it said.
Galaxy will pay 45 cents on the dollar for the fixed-rate 9.875 percent bonds maturing in 2012 and 53 cents on the dollar for floating-rate notes due in 2010, the stock exchange statement said.
