KUALA LUMPUR: Genting Bhd
’s indirect wholly-owned subsidiaries, Resorts World Las Vegas LLC and RWLV Capital Inc, have priced their offering of US$1bil bonds with a 4.625% coupon rate.
In a filing with Bursa Malaysia Wednesday, Genting said the notes. which has a tenure of 10 years, have been offered and sold in the United States only to qualified institutional buyers in reliance on the exemption from the registration requirements of the United States Securities Act of 1933, as amended provided by Rule 144A under the Securities Act, and only to certain non-U.S. persons in offshore transactions outside the United States in reliance on Regulation S under the Securities Act.
Genting said 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, pay transaction fees and expenses associated with the offering and the senior secured credit facilities, and for working capital and other general corporate purposes.
S&P Global Ratings has assigned a preliminary issue rating of BBB+ to the notes, whilst Fitch Ratings, Ltd has assigned an expected rating of A-(EXP) to the notes.
Citigroup Global Markets Inc, Barclays Bank PLC and J.P. Morgan Securities LLC are the joint global coordinators for the offering, and 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 bookrunners for the offering.
Malayan Banking Bhd and Oversea-Chinese Banking Corporation Limited are the joint lead managers for the offering.
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