Genting Berhad announced its financing unit has issued RM495 million ($104 million) in medium-term notes, part of a larger RM10 billion ($2.4 billion) debt program, to help fund its takeover of Genting Malaysia Berhad.
The notes were issued by Genting RMTN Berhad, a wholly owned subsidiary, under the group’s existing Medium Term Notes (MTN) Programme first launched in 2019. The company said the latest tranche—its sixth—was priced at par with a one-year tenure and carries interest at one-month KLIBOR plus 1.80 percent.
Genting said proceeds from the debt sale will be used to partially finance its offer to acquire all remaining ordinary shares in Genting Malaysia that it does not already own. The takeover bid was announced on October 13th.
Affin Hwang Investment Bank and AmInvestment Bank acted as joint lead managers for the issuance.
Genting has been gradually expanding its control of Genting Malaysia, which owns Resorts World Genting and other gaming and hospitality assets, as part of a broader restructuring of the conglomerate’s portfolio.
