Imperial Pacific to raise $5.9 mln via bond offering

Saipan casino operator Imperial Pacific International Holdings Ltd. has announced it is looking to raise HK$46 million (US$5.9 million) through convertible bonds to “finance the development of Phase I of the Saipan Project and as general working capital of the group.”

Imperial Pacific made the announcement to the Hong Kong Stock Exchange on Friday, adding that the funds would “help enhance its working capital and strengthen its capital base and financial position.”

According to the company, the convertible bonds will carry an interest of 4 percent per annum, payable semi-annually on June 30 and December 31.

Unless previously redeemed, repurchased and cancelled or converted, any outstanding convertible bonds shall be redeemed at 102 percent of its principal amount on the maturity date, being June 16, 2019, said the company.

More news from this jurisdiction

Pacific IslandsThursday, Jun 22, 2017

A Saipan lawmaker wants to implement a responsible gambling program for the poker industry.

Pacific IslandsTuesday, Jun 06, 2017

Temporary casino operator Imperial Pacific International has announced it will no longer be reporting its monthly VIP table games rolling turnover.

Pacific IslandsThursday, Jun 01, 2017

Imperial Pacific has been given the go-ahead to open its casino on Saipan provided it meets certain conditions, primarily related to health and safety.

Pacific IslandsWednesday, May 31, 2017

The now defunct Tinian Dynasty Hotel & Casino has been ordered to pay a $191,400 civil penalty to the U.S. Department of Labor secretary “for willful and repeated violations” of the overtime provision of the Fair Labor Standards Act.

Pacific IslandsThursday, May 25, 2017

Saipan’s casino regulator is investigating the company contracted to construct baccarat tables for Saipan’s newest casino for illegal labor practices.

Pacific IslandsWednesday, May 24, 2017

The decision to allow the opening of Saipan’s newest casino operated by Imperial Pacific International will be deferred to next week after the Commonwealth Casino Commission raised concerns of safety.

Pacific IslandsWednesday, May 03, 2017

Imperial Pacific’s temporary casino on Saipan generated VIP turnover of US$2.15 billion in the month of April, down 48.1 percent year-on-year, according to the latest company filing to the Hong Kong Stock Exchange.