Japanese conglomerate Universal Entertainment Corp, the parent company of the Okada Manila casino resort in the Philippine capital, completed the early redemption of overseas privately placed notes valued at $760 million on September 4th, 2024.
The aforementioned privately placed notes were initially set to mature in December 2024, according to an announcement made by the company on Friday.
The notes in question were issued as part of a series of private placements by Universal Entertainment. These include privately placed notes issued in exchange for existing notes that were due in 2021, amounting to $482 million, as well as additional notes issued in 2020 and 2021, valued at $135 million and $143 million, respectively.
The redemption price was 108.75 percent of the principal amount, with accrued interest of $20.17 per $1,000, bringing the total redemption amount to $826.5 million.
Meanwhile, in May, Fitch Ratings placed Universal Entertainment on a ‘negative rating watch’ due to concerns over the company’s $760 million notes maturing in December.
At the time, Fitch noted that although Universal Entertainment was in the advanced stages of implementing a refinancing plan, but no legally binding commitments had been secured. The ratings agency stated that the ‘negative rating watch’ would be lifted once the company successfully completed the refinancing, but warned that any delays could result in further negative actions.
