Gent­ing unit plans to is­sue US$500mil guar­an­teed notes

The Star Malaysia - StarBiz - - News -

PETALING JAYA: Gent­ing Bhd’s in­di­rect wholly-owned sub­sidiary, GOHL Capital Ltd plans to is­sue US$500mil-worth guar­an­teed notes to fund the de­vel­op­ment of Re­sorts World Las Ve­gas and the group’s work­ing capital, among oth­ers.

In a fil­ing with Bursa Malaysia, the com­pany an­nounced that the guar­an­teed notes, which will be of­fered at a coupon rate of 4.25% per an­num, ma­ture on Jan 24, 2027. The coupon is payable on a semi-an­nual ba­sis.

The notes con­sti­tute a fur­ther is­suance of, and will be con­sol­i­dated with, the ex­ist­ing US$1bil prin­ci­pal amount of notes is­sued on Jan 24 this year.

The notes are ex­pected to be listed on the Hong Kong stock ex­change on or around Oct 18 this year. Gent­ing Bhd

“The com­pany wishes to an­nounce that GOHL Capital Ltd has on Oct 10, com­pleted the book-build­ing process and priced an of­fer­ing of US$500mil guar­an­teed notes at 4.25% due 2027.

“The guar­an­teed notes have been of­fered en­tirely off­shore and out­side the United States and will be fully and un­con­di­tion­ally guar­an­teed by Gent­ing Over­seas Hold­ings Ltd, a di­rect wholly owned sub­sidiary of Gent­ing and holds 100% eq­uity in­ter­est in GOHL Capital.

“The notes are ex­pected to be listed on the Hong Kong stock ex­change on or around Oct 18 this year,” said Gent­ing in its fil­ing with the stock ex­change.

To note, Gent­ing has added that the guar­an­teed notes of­fer­ing is not sub­ject to any reg­u­la­tory or share­holder ap­provals.

The pro­ceeds from the is­suance is ex­pected to be used to re­place cer­tain bor­row­ings in the Gent­ing group as well as to cover other gen­eral cor­po­rate pur­poses such as the de­vel­op­ment of Re­sorts World Las Ve­gas, op­er­at­ing ex­penses and work­ing capital re­quire­ments, among oth­ers.

Moody’s and Fitch Rat­ings have as­signed a rat­ing of Baa1 and A- re­spec­tively to the pro­posed guar­an­teed notes.

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