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Galaxy Entertainment plans to raise RMB1 billion via yuan bond sale in HK – source

Newsdesk by Newsdesk
Mon 6 Dec 2010 at 12:07
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By Kate O’Keeffe

DOW JONES NEWS WIRES

HONG KONG (Dow Jones)–Galaxy Entertainment Group Ltd. (0027.HK) plans to raise around CNY1 billion by issuing yuan-denominated bonds in Hong Kong, a person familiar with the matter said Monday.

The casino operator has an option to increase the size of the deal, the person said, without disclosing the size of the possible increase.

Galaxy said earlier Monday it plans to sell yuan-denominated bonds to bolster its working capital for its non-gaming business and that it has applied to the Hong Kong Stock Exchange to list the bonds, but didn’t disclose the size of the proposed deal.

Galaxy’s non-gaming operations include businesses such as construction materials and hotels and restaurants at its casinos.

The interest rate and other terms of the three-year unsecured bonds will be determined at the time of the offering’s pricing, according to the company’s statement.

The joint bookrunners for the offering are Bank of America Merrill Lynch, BOC International Holdings Ltd., HSBC Holdings PLC and UBS AG, the statement added.

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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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