Genting Malaysia has announced over the past fortnight that it will issue a total of MYR1.7 billion (US$360 million) new medium-term notes under its existing notes programs, via its wholly-owned subsidiary Genting Malaysia Capital.
Having previously revealed on 31 July that it would issue MYR1.3 billion (US$275 million) new medium-term notes across four tranches of varying of various size, maturity and coupon rates, the company announced Tuesday another MYR400 million (US$85 million) new medium-term notes across two tranches.
The new notes fall under Genting Malaysia’s two existing notes programs, which include an MYR5.0 billion program and an MYR3.0 billion program. All tranches are “irrevocably and unconditionally” guaranteed by Genting Malaysia Berhad, the company said.
It added, “The proceeds from the issuance of the medium-term notes shall be utilized for operating expenses, capital expenditure, investment, refinancing, working capital requirements and/or general funding requirements, including to finance the development and/or redevelopment of the properties and/or resorts of Genting Malaysia and/or its subsidiaries, including those located in Genting Highlands, Pahang, Malaysia.”
Genting Malaysia announced in February that it was temporarily closing two of the three casinos at Resorts World Genting for renovations, part of ongoing rejuvenation works at its flagship Malaysian resort.
The company recently reported a 22% year-on-year increase in revenues from its leisure and hospitality operations to MYR2.71 billion (US$577 million) in 1Q24.
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