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 IslandsMonday, Sep 25, 2017

37 illegal workers who worked on Imperial Pacific’s casino and hotel have refused an offer to be paid and sent back home to China.

Pacific IslandsMonday, Sep 18, 2017

Imperial Pacific International says impairment of the group’s trade receivables in the six months ended June 30, 2017 amounted to HK$2.1 billion (US$268.7 million).

Pacific IslandsMonday, Aug 28, 2017

Saipan casino operator Imperial Pacific International saw profit in 17H1 climb 8.9 percent year-on-year to HK$912 million, as VIP gamblers fuelled revenue.

Pacific IslandsMonday, Aug 07, 2017

Imperial Pacific Resort Hotel has announced the opening of DÁ Lounge, the hotel’s new cocktail lounge as the icon of the entire property.

Mainland China, Pacific IslandsSunday, Aug 06, 2017

The members of an online gambling gang were reportedly rounded up and returned to China from Fiji after Beijing sent a team to the island to investigate, according to media reports.

Pacific IslandsWednesday, Aug 02, 2017

Imperial Pacific International Holdings Ltd has announced amendments to its casino license agreement regarding timings for its initial gaming facility, as well as phase one and two integrated resorts.

Pacific IslandsMonday, Jul 24, 2017

Imperial Pacific International says it expects to complete the construction of its villas by January of next year, while 374 hotel rooms are expected to complete in August 2018.