Cambodian casino operator NagaCorp says that it has successfully completed the tender for the repurchase of $69.54 million in senior notes.

The figure represents 58 percent of the $120 million in 2024 7.95 percent senior notes NagaCorp was initially willing to repurchase.

The notes had been priced at an 8.5 percent discount, $915 million per $1,000 of principal.

The notes will now be cancelled, following their cancellation, there remains some $472.15 million in 2024 outstanding.

Analysts at Moody’s, speaking about the purchase offer earlier this week noted that the repurchase was unlikely to help NagaCorp to avoid a default when the outstanding notes come due. The group expects NagaCorp to still require external financing to repay the outstanding notice, failure of which could result in default.

NagaCorp operates the Cambodian integrated resort NagaWorld.