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NagaCorp to raise US$337 million from issue of senior notes

Newsdesk by Newsdesk
Fri 26 Jun 2020 at 04:33
NagaCorp to raise US$337 million from issue of senior notes
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NagaCorp has confirmed the entering into of an agreement with Credit Suisse, Morgan Stanley and UBS that will see it issue US$350 million 7.95% senior notes due 2024.

According to a Thursday filing, net proceeds from the notes issue are expected to total US$336.88 million, which will be used to redeem some or all outstanding 2021 notes prior to maturity, and for general corporate purposes amid the COVID-19 pandemic.

Operations at the company’s key asset, NagaWorld in the Cambodian capital city of Phnom Penh, have been suspended since 1 April.

As reported by Inside Asian Gaming earlier this week, when NagaCorp first proposed its notes issue, the company’s founder, controlling shareholder and CEO, Dr Chen Lip Keong, committed to subscribe to US$45 million in principal amount of the notes. Dr Chen, who holds a 66% stake in NagaCorp, has made good on this commitment via his wholly-owned ChenLipKeong Capital Limited.

Hong Kong-listed NagaCorp is currently in the process of developing Naga3, its US$3.5 billion NagaWorld expansion set to comprise almost 5,000 new hotel rooms, additional gaming facilities, retail, restaurants, a theme park, spa and conference space. The additional gaming space is planned to house up to 800 more gaming tables and 2,500 EGMs.

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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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