NagaCorp says it has enough to repay 2024 notes

The company has agreed a US$80m loan.

Cambodia.- NagaCorp has insisted that it has enough funds to repay its 2024 notes. In a company filing it said that a US$80m loan agreement with a trust under the control of the Chen family announced on October 17 together with unaudited cash and bank balances amounting to US$324m on the same date would provide enough funds.

Moody’s Investors Service had downgraded NagaCorp’s corporate family rating to ‘B3’ from ‘B2’ due to concerns about refinancing the US$472m bond set to mature in July 2024. However, analysts suggested that as the “refinancing overhang gets removed,” the company’s stock will recover.