Melco board approves corporate note redemption

Melco Resorts and Entertainment (Philippines) Corp. said its board has approved the redemption of up to P8 billion (US$157.2 million) out of the outstanding P15 billion in fixed-rate corporate notes.

The secured notes were issued in 2014 by its subsidiary, Melco Resorts Leisure (PHP) Corporation - carrying a fixed rate of 5 percent per year.

According to Melco’s filing to the Philippines Stock Exchange, the source of funds for the redemption would be entirely from Melco Leisure’s cash on hand.

In June, Melco announced plans to increase its capital base up to P11.9 billion in preparation for an equity raising activity to finance expansion and pay debts.

More news from this jurisdiction

PhilippinesThursday, Mar 22, 2018

The Philippines eGames industry is expected to grow significantly in the years ahead, with expansion likely to be seen in floor space, rather than in venue numbers, said a panel of experts at ASEAN Gaming Summit.

PhilippinesWednesday, Mar 21, 2018

Galaxy Entertainment Group said it plans to build a low-rise, eco-friendly resort on Boracay, which will be its first project outside of Macau.

PhilippinesTuesday, Mar 20, 2018

Malaysia’s Genting Group is planning an integrated resort on Boracay island at the Savoy Hotel, Philippine Amusement and Gaming Corp Chair Andrea Domingo told reporters at the ASEAN Gaming Summit.

PhilippinesTuesday, Mar 20, 2018

The Philippines is in a strong position to capture a growing share of the premium mass market to help diversify its tourism base, according to Bloomberg Intelligence.

PhilippinesMonday, Mar 19, 2018

Leisure & Resorts World Corp (LRWC) said one of its units has bought a 23-hectare site on Boracay island to develop a $500 million integrated resort with Galaxy Entertainment.

PhilippinesSunday, Mar 18, 2018

Galaxy Entertainment Group’s proposed $500 million casino in Boracay will be proceeding despite an impending closure of the island for up to one year.

PhilippinesThursday, Mar 15, 2018

Gaming Laboratories International has become the first independent accredited gaming test laboratory to successfully complete and issue IP Blocking Certificates for Philippine Offshore Gaming Operator (POGO) licensees.