GEN Malaysia US$112mln notes cover home market investing

GEN Malaysia US$112mln notes cover home market investing

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Genting Malaysia Bhd, 프로토 which has a casino monopoly in Malaysia at Resorts World Genting (pictured), has announced the issuance of MYR500 million (US$112.6 million) in notes under its medium-term notes programme.

The reasons for the exercise include to “finance the development and or redevelopment” of the properties of Genting Malaysia, “including those located in Genting Highlands, Pahang, Malaysia,” the company said in a Friday filing to Bursa Malaysia.

The notes are issued by Genting Malaysia Capital Bhd, a wholly-owned unit of Genting Malaysia, and are unconditionally guaranteed by the latter.

The latest notes are in three tranches. The first batch is for MYR250 million over five years, with a 5.07 percent interest rate. The second is for MYR150 million, over seven years, at 5.35 percent interest; and the third is for 프로토 MYR100 million over 10 years, at 5.52 percent.

It is the third time notes have been issued under the group’s MYR5.0-billion in nominal value, medium-term notes programme.

AmInvestment Bank Bhd and Hong Leong Investment Bank Bhd are joint lead managers for the issuance.

Aside from its main casino investment at Resorts World Genting, Genting Malaysia also runs casinos in the United States – via associated businesses – and in the Bahamas, the United Kingdom, and Egypt.

Last week Genting Malaysia said that US$1.0 billion of the proceeds to be generated from the sale of several land plots in Miami, Florida in the United States, would be used to fund “future investments, as and when they arise”.

Genting Malaysia has for some time been identified as a likely suitor for a downstate casino licence in New York. The New York State Gaming Commission in January launched a request for applications 프로토 (RFA) process for three downstate New York gaming licences.