Saturday, April 20, 2024
HomeNewsCambodiaNagaWorld operator to repurchase $120mln in 2024 senior notes

NagaWorld operator to repurchase $120mln in 2024 senior notes


The operator of the NagaWorld integrated resort, NagaCorp, in Cambodia is planning to repurchase up to $120 million in senior notes due in 2024.

According to a Friday filing with the Hong Kong Stock Exchange, the notes are part of $541.7 million issued in 2020, with $8.3 million repurchased recently, with the shares scheduled to be cancelled.

The group notes that the repurchase is to ‘manage its overall funding level and to reduce interest costs, while maintaining a prudent approach to liquidity’.

The company notes it is set to pay a cash purchase price per $1,000 of principal amount validly tendered and accept a clearing price of not less than $880.

Moody’s in October had downgraded the company, warning of financial risks, with its rating outlook for the operator remaining ‘negative’. It noted a ‘slower-than-expected operational recovery’ and said it expected the company would still need external financing to repay the $545 million bond maturing in 2024.

AGBrief Editorial
AGBrief Editorial
The AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers.