Genting Malaysia Bhd’s wholly-owned subsidiary, Genting Malaysia Capital, has recently issued medium-term notes (MTN) worth RM400 million ($84.7 million) in nominal value.
According to the filing to Bursa Malaysia, the funds obtained from the issuance of the MTNs will be directed towards covering operational costs, capital investments, new ventures, debt refinancing, working capital needs, and general funding purposes. This includes financing the development or redevelopment of properties and resorts owned by Genting Malaysia and its subsidiaries, including those situated in Genting Highlands.
Genting Malaysia is the sole casino operator in the country. The firm’s flagship integrated resort is Resorts World Genting, formerly known as Genting Highlands Resort.
Genting Malaysia Bhd stated that this new issuance constitutes the first segment of the fifth issuance within the RM5 billion ($1.1 billion) MTN program, totaling RM300 million ($63.5 million), and the first segment of the third issuance within the RM3 billion ($635 million) MTN program, totaling RM100 million ($21.2 million).
The RM300 million ($63.5 million) notes have a maturity of five years with a coupon rate of 4.92 percent per year, paid semi-annually. Meanwhile, the RM100 million ($21.2 million) notes have a maturity of 14 years with a coupon rate of 5.28 percent per year, also paid semi-annually, as stated in a filing with Bursa Malaysia.
