KUALA LUMPUR (April 4): Genting Bhd said yesterday its indirect wholly-owned subsidiaries Resorts World Las Vegas LLC and RWLV Capital Inc had on Tuesday priced their US$1 billion (RM4.08 billion) 4.625% senior notes to finance the construction of the Resorts World Las Vegas casino and integrated resort.

Genting told Bursa Malaysia the 10-year notes due in 2029 are expected to be listed on the official list of the Singapore Exchange Securities Trading Ltd.

“The net proceeds from the issue of the notes will be used to fund remaining costs associated with the design, development, construction, equipping, financing and opening of the Resorts World Las Vegas casino and integrated resort, including all furniture, fixtures and equipment therein or attached thereto, and related amenities, all to be located in Clark County, Nevada, pay transaction fees and expenses associated with the offering and the senior secured credit facilities, and for working capital and other general corporate purposes.

“The notes will have the benefit of various funding agreements to be provided by Genting Overseas Holdings Ltd, a direct wholly-owned subsidiary of Genting (Bhd). The notes will also have the benefit of a keepwell deed to be provided by Genting. S&P Global Ratings has assigned a preliminary issue rating of BBB+ to the notes, while Fitch Ratings Ltd has assigned an expected rating of A-(EXP) to the notes,” Genting said.

Citigroup Global Markets Inc, Barclays Bank plc and JP Morgan Securities LLC are the joint global coordinators for the bond offering, according to Genting.

Citigroup, Barclays and JP Morgan, together with BNP Paribas Securities Corp, DBS Bank Ltd, SMBC Nikko Securities America Inc, Fifth Third Securities Inc and KeyBanc Capital Markets Inc are the joint book runners for the corporate exercise.

Malayan Banking Bhd and Oversea-Chinese Banking Corp Ltd are the joint lead managers for the offering, according to Genting.

This article first appeared in The Edge Financial Daily, on April 4, 2019.

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