PETALING JAYA: Genting Bhd
has secured US$1.25bil (approximately RM4.96bil) through the issuance of perpetual guaranteed notes as part of a refinancing effort.
In a filing with Bursa Malaysia, the company said GOHL Capital Holdings Ltd, the funding vehicle, completed the pricing of two tranches of subordinated perpetual capital securities after a book-building exercise on April 22.
These notes are backed by Genting Overseas Holdings Ltd, a wholly-owned subsidiary of Genting.
The first tranche, Series 1 Securities, amounts to US$750mil and offers a distribution rate of 7.625%, with a 5.5-year non-call period and a first call date of Oct 29, 2031.
The second tranche, Series 2 Securities, totals US$500mil, carrying an 8.3% distribution rate, a 10-year non-call period, and a first call date of April 29, 2036.
In addition, Genting will enter into a subordinated keepwell deed, which serves as a pledge to maintain solvency.
