Genting Malaysia prices US$1 billion senior notes
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Genting Malaysia has priced an offering of US$1 billion aggregate principal amount 3.882% senior unsecured notes due 2031.
The notes, to be fully and unconditionally guaranteed by Genting Malaysia, will be issued by wholly-owned subsidiary GENM Capital Labuan Limited with the company having previously stated its intention to use the notes to repay debt and for current capital requirements.
Genting Malaysia said via an announcement this week that the notes have been offered and sold in the United States and only to qualified institutional buyers.
Issuance of the notes comes after Genting Malaysia reported a net loss of MYR2.36 billion (US$571 million) in 2020 on a 56% decline in revenue to MYR4.53 billion (US$1.1 billion), impacted by the COVID-19 pandemic.
’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.
GGRAsia – GEN Malaysia unit taps US$1bln in notes ggrasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ggrasia.com Daily Mail and Mail on Sunday newspapers.
’s wholly-owned subsidiary GENM Capital Labuan Ltd has priced its offering of US$1 billion to the aggregate principal amount of 3.88 per cent senior unsecured notes that is due 2031.
In a filing with Bursa Malaysia today, Genting Malaysia said the notes would be fully and unconditionally guaranteed by the company. The notes have been offered and sold in the United States (US) only to qualified institutional buyers and to certain non-US persons in offshore transactions outside the US in reliance on Regulation S under the Securities Act,” said Genting Malaysia.
It added that the notes were expected to be listed and quoted on the Official List of the Singapore Exchange Securities Trading Ltd and listed but not quoted for trading on Bursa Malaysia Securities Bhd. Genting Malaysia said.
Friday, 09 Apr 2021 04:02 PM MYT
A Genting signage is pictured at a hotel close to Malaysia s border in Singapore April 2, 2015. ― Reuters pic
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KUALA LUMPUR, April 9 S&P Global Ratings expects Genting Malaysia Bhd’s (GENM) revenue and earnings before interest, taxes, depreciation, and amortisation (Ebitda) to reach pre-pandemic level by 2022.
The rating agency forecasts GENM’s Ebitda to only reach 60 per cent of the 2019 level in 2021, given the impact of the Covid-19 pandemic on the company’s key gaming and resort operations in Malaysia and the United States.