World Gaming Insight

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NagaCorp to raise US$337 million from issue of senior notes

NagaCorp has confirmed the entering into of an agreement with Credit Suisse, Morgan Stanley and UBS that will see it issue US$350 million 7.95% senior notes due 2024.

According to a Thursday filing, net proceeds from the notes issue are expected to total US$336.88 million, which will be used to redeem some or all outstanding 2021 notes prior to maturity, and for general corporate purposes amid the COVID-19 pandemic.

Operations at the company’s key asset, NagaWorld in the Cambodian capital city of Phnom Penh, have been suspended since 1 April.

When NagaCorp first proposed its notes issue, the company’s founder, controlling shareholder and CEO, Dr Chen Lip Keong, committed to subscribe to US$45 million in principal amount of the notes. Dr Chen, who holds a 66% stake in NagaCorp, has made good on this commitment via his wholly-owned ChenLipKeong Capital Limited.

Hong Kong-listed NagaCorp is currently in the process of developing Naga3, its US$3.5 billion NagaWorld expansion set to comprise almost 5,000 new hotel rooms, additional gaming facilities, retail, restaurants, a theme park, spa and conference space. The additional gaming space is planned to house up to 800 more gaming tables and 2,500 EGMs.

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