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NagaCorp signs purchase agreement for US$300 million notes, plans Naga1 upgrades

Wednesday, 16 May 2018 07:19
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Cambodian casino operator NagaCorp has announced that it has secured a purchase agreement with Credit Suisse and Morgan Stanley in connection with the issue of US$300 million 9.375% senior notes due 2021.

In a filing to the Hong Kong Stock Exchange, NagaCorp said it will issue the notes in an aggregate principal amount of US$300 million with the notes to mature on 21 May 2021 unless redeemed earlier. The offer price of the notes will be 99.362% of the principal amount.

It added that it intends to use the proceeds from the issue of notes “to promote gaming business growth, particularly in the VIP gaming segment, and to refurbish the hotel rooms in Naga1.”

NagaCorp launched its US$390 million NagaWorld extension, Naga2, in Phnom Penh in December.

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