SkyCity announces US$90m bond offer
SkyCity is offering NZ$125m in bonds due May 21 2027.
New Zealand.- SkyCity Entertainment Group has announced a NZ$125m ($90m) unsubordinated, fixed-rate bond available to institutional investors, certain overseas institutional investors and members of the public who are resident in New Zealand.
The bonds have a due date of May 21, 2027 and will be available from May 10 to May 14. The issue date will be May 21.
The company said: “All of the bonds are being reserved for clients of the Joint Lead Managers, NZX Firms and other approved financial intermediaries.”
The bonds have received a BBB- long-term issue rating by Standard & Poors, which means SkyCity has adequate capacity to meet its financial commitments.
Analysts said: “We view SkyCity’s Auckland casino to be the highest quality asset in its portfolio and a key driver of the group’s performance.”
Standard & Poors predicted that SkyCity’s earnings for fiscal year 2020, which ends on June 30, will reach at least 75 per cent of fiscal 2019 levels.
