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Genting Malaysia prices US$1 billion senior notes

Newsdesk by Newsdesk
Thu 15 Apr 2021 at 08:16
Growing visitation at Malaysian IR suggests worst is over for Genting Malaysia: RHB Research

Genting’s Malaysian flagship, Resorts World Genting.

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Genting Malaysia has priced an offering of US$1 billion aggregate principal amount 3.882% senior unsecured notes due 2031.

The notes, to be fully and unconditionally guaranteed by Genting Malaysia, will be issued by wholly-owned subsidiary GENM Capital Labuan Limited with the company having previously stated its intention to use the notes to repay debt and for current capital requirements.

Genting Malaysia said via an announcement this week that the notes have been offered and sold in the United States and only to qualified institutional buyers.

Issuance of the notes comes after Genting Malaysia reported a net loss of MYR2.36 billion (US$571 million) in 2020 on a 56% decline in revenue to MYR4.53 billion (US$1.1 billion), impacted by the COVID-19 pandemic.

Fitch Ratings last week assigned the notes a “BBB” rating, stating that it expects Genting Malaysia to “continue maintaining financial discipline and operating flexibility to preserve liquidity.

“This, coupled with moderating capex, should help GENM to deleverage in one to two years, in line with our expectations of gradual demand recovery,” it said.

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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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