KUALA LUMPUR (July 20): Genting Bhd’s indirect wholly owned subsidiaries, Resorts World Las Vegas LLC (RWLV) and RWLV Capital Inc, have priced their offering of US$400 million aggregate principal amount senior notes due 2030.
The seven-year senior notes were issued at 8.450% per annum, payable on a semi-annual basis, it said in a filing with Bursa Malaysia on Thursday (July 20).
The company said that net proceeds from the issue of the notes, together with the cash on hand, would be used, first to repay the entire outstanding borrowings under the subordinated intercompany note of US$300 million, plus accrued interest thereon, which was fully drawn by RWLV on June 28, 2023.
The proceeds thereof were applied to prepay a portion of the existing senior secured credit facilities in connection with the closing of the extension and amendment to its new US$800 million senior secured credit facilities, it said.
“The remainder of the proceeds, if any, will be used to repay all or a portion of the borrowings outstanding under the senior secured credit facilities, and to pay transaction fees and expenses associated with the offering,” it said.
Genting said that the notes have been offered and sold in the United States (US) only to qualified institutional buyers in reliance on the exemption from the registration requirements of the United States Securities Act of 1933, and to certain non-US persons in offshore transactions outside the US in reliance on Regulation S under the Securities Act.
“The notes are expected to be listed on the official list of the Singapore Exchange Securities Trading Ltd,” it added.
Source: TheEdge - 21 Jul 2023
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