NagaCorp raises US$350 in senior notes issue

NagaCorp's founder had committed to purchasing US€45 million.
NagaCorp's founder had committed to purchasing US€45 million.

The Cambodian group has confirmed it has entered a purchase agreement for US$350 million 7.95% senior notes.

Cambodia.- NagaCorp has confirmed it has reached a purchase agreement for senior notes with Credit Suisse, Morgan Stanley and UBS representing several initial purchasers.

It said it had entered into a purchase agreement for US$350 million 7.95% senior convertible notes due in 2024.

NagaCorp said in a filling that after fees, commissions and expenses, the net proceeds would amount to US$336.88 million.

The group will use the funds to redeem some or all of its outstanding 2021 notes, as well as for general corporate purposes.

The casino operator announced the strategy earlier this week in a bid to recover finances and gain enough liquidity to sustain its expenses for another 18 months under troubled market conditions.

Part of the issue was to be offered to selected investors, while NagaCorp’s founder Chen Lip Keong said he would acquire up to US$45 million to show confidence in the plan.

Casinos have been closed in Cambodia since the beginning of April, and NagaCorp has faced protests from workers demanding the company pay part of their salaries.

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cambodia finance NagaCorp