NagaCorp lists US$200m in senior notes

NagaCorp has announced it has listed US$200m 7.95 per cent senior notes which will not be convertible into shares.

Cambodia.- NagaCorp has reported that it is offering 7.95 per cent senior notes worth US$200m due July 6, 2024. 

NagaCorp said in a filing that after fees, commissions and expenses, the net proceeds would amount to US$211.6m.

The group will use the funds to strengthen the group’s working capital as well as for general corporate purposes.

It said: “The order book reached an amount of over US$580m and the company believes that the success of this transaction reflects investors’ confidence in the company’s long-term strategy and solid credit profile.”

NagaCorp previously entered a purchase agreement for US$350m 7.95 per cent senior notes last year.

The group stated at the time that the funds would be used to redeem some or all of its outstanding 2021 notes, as well as for general corporate purposes.

NagaCorp announces cut jobs due to economic crisis

NagaCorp has confirmed plans to reduce pay and lay off employees to improve cost efficiency due to the impact of the Covid-19 pandemic.

The company has launched a rationalisation programme that it says will help deliver continued financial stability over the long term. NagaCorp said close to 600 employees will lose their positions.

It said: “We believe that it is important for the Group to maintain operational and financial flexibility to ensure that it remains focused and efficient during this period. 

Due to an increase in Covid-19 cases in Cambodia, NagaWorld temporarily suspended operations voluntarily on 2 March 2021. It has not reopened since.