Genting Malaysia prices US$1bil notes to raise cash


The company told Bursa Malaysia yesterday that the notes have been sold to qualified institutional buyers in the United States (US) and to certain non-US persons in offshore transactions outside the US.

PETALING JAYA: Genting Malaysia Bhd’s wholly-owned subsidiary GENM Capital Labuan Ltd had on April 12 priced its US$1bil (RM4.14bil) 3.882% senior unsecured notes to refinance existing borrowings and raise cash for capital needs.

The 10-year notes due in 2031 will be fully guaranteed by Genting Malaysia and are expected to be listed and quoted on the official list of the Singapore Exchange Securities Trading Ltd.

Meanwhile, the notes will be listed but not quoted for trading on Bursa Malaysia Securities Bhd under the exempt regime.

The company told Bursa Malaysia yesterday that the notes have been sold to qualified institutional buyers in the United States (US) and to certain non-US persons in offshore transactions outside the US.

“Both Standard & Poor’s Ratings Services, a division of the McGraw Hill Companies and Fitch Ratings Ltd have assigned a rating of “BBB” to the notes. “Citigroup Global Markets Singapore Pte Ltd, JP Morgan (SEA) Ltd, CIMB Bank Bhd, Labuan Offshore Branch and DBS Bank Ltd are the joint global coordinators and Citigroup Global Markets Singapore Pte Ltd, JP Morgan (SEA) Ltd, CIMB Bank Bhd, Labuan Offshore Branch, DBS Bank Ltd and BNP Paribas are the joint bookrunners and joint lead managers for the offering, ”

Genting Malaysia said in the filing.

The company said it had on March 19 obtained Bank Negara’s approval in relation to the offering of the notes.

The offering is not subject to any other regulatory or shareholders’ approval.

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