Genting Malaysia to offer additional US$100m in notes through subsidiaries

The notes carry an interest rate of 7.25 per cent and will mature in 2029.

Malaysia.- Genting Malaysia has announced that its subsidiaries Genting New York (GENNY) and GENNY Capital have priced an additional offer of senior unsecured notes due in 2029 at 7.25 per cent totalling US$100m. It said net proceeds will be used to repay existing debts.

The notes are part of the same series as the initial US$525m notes priced on September 10 and will carry the same terms. Genting Malaysia said the issuance has received approval in principle for listing on the Singapore Exchange Securities Trading Limited (SGX-ST). S&P has assigned a BB+ (stable) rating and Fitch BBB- (negative).

See also: Genting Malaysia revenue up 8%

PAS makes manifesto pledge to close Malaysia’s only casino

The future of Genting Malaysia’ Resorts World Genting, the only casino licensed to operate in Malaysia, could be at risk should Parti Islam SeMalaysia (PAS) come to power in the state of Pahang in the upcoming national elections.

According to Bloomberg, Andansura Rabu, PAS’s deputy commissioner for Pahang stated that if voters in the state wish to put an end to gambling, they should elect the Islamic party. PAS is the largest party in the federal Parliament and holds four of Malaysia’s 13 states. It aims to win Pahang in the next national election, which must be held by February 17, 2028. 

However, Rabu has acknowledged that shutting the casino in Genting Highlands might not be within the party’s power even if it wins because it’s the federal government that’s responsible for issuing casino and gaming permits.