Japan’s Universal Entertainment Corp has completed a US$800 million refinancing after confirming Wednesday that it had determined the issuance of new U.S. dollar-denominated overseas private placement notes and concluded a US$400 million note purchase agreement.
The new notes, combined with a separate US$400 million loan obtained by its Philippines subsidiary, are designed to fully refinance US$760 million in existing notes due to mature in December.
As per latest information, the new 9.875% notes will be issued this Friday 26 July with a maturity date of 1 August 2029.
In a filing, Universal said that it had chosen to refinance the existing notes by way of the new notes placement and the loan by Okada Manila operator Tiger Resort Leisure and Entertainment Corp (TRLEI) “considering the adequacy of the repayment plan for each borrowing entity’s ongoing business, the tax effect on the Company’s interest expense, and the diversification of lenders and repayment dates.”
Ratings agency Fitch last week assigned Universal’s proposed US-dollar senior notes maturing in 2029 an expected rating of “B-” but expressed confidence in the long-term prospects of the business, particularly in Okada Manila, “underpinned by the Philippines’ healthy economic growth and continued recovery in visitations.”
RelatedPosts
Japan’s Sega Sammy expands US online gaming presence with acquisition of Dutch games developer Stakelogic
SUN 28 JUL 2024 AT 07:54
Fitch issues “B-” rating on Universal’s planned notes offering but cautious on refinancing risks
TUE 23 JUL 2024 AT 06:20
Dowinn Group said to have reopened some Philippines junket rooms thanks to backing of new investors
SUN 21 JUL 2024 AT 09:50
New notes placement, Okada Manila loan among Universal Entertainment Corp refinancing measures as US$760 million notes near maturity