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, Apr 05, 2018

The Pacific Island of Guam needs to approve casinos to avoid losing its tourists to the Commonwealth of Northern Mariana Islands, where gambling is permitted on Saipan, Tinian and Rota, a leading academic warned.

Pacific IslandsWednesday, Apr 04, 2018

An effort to save a program that allows the Northern Mariana Islands to import labor is likely to fail due to recent cases of abuse and visa fraud, the AP reports.

Pacific IslandsThursday, Mar 15, 2018

Imperial Pacific’s Saipan office was allegedly raided by U.S. federal agents last week, according to a report from Bloomberg.

Pacific IslandsTuesday, Mar 06, 2018

The U.S. government has ordered four China-based construction contractors behind IPI’s new casino resort on Garapan to pay a collective $13.9 million in back wages and damages to employees who came from China to work on the casino’s construction site.

Pacific IslandsTuesday, Feb 27, 2018

A lawyer representing Imperial Pacific International (CNMI) LLC told the Commonwealth Casino Commission last week that they are planning to propose an extension to resort completion deadline.

Pacific IslandsTuesday, Feb 20, 2018

Imperial Pacific International said it “repudiates all allegations of wrongdoing” published in an investigative article by Bloomberg looking into its operations on Saipan.

Pacific IslandsMonday, Feb 12, 2018

Saipan casino operator Imperial Pacific International said it is working on recruiting more U.S. workers for its hotel-casino in Garapan.