Universal Entertainment to increase notes offering

The casino and resort company will increase its notes offer from US$100 million to US$135 million.

Japan.- In an attempt to raise capital and increase liquidity, Universal Entertainment Corp has announced it will increase a planned notes offer from US$100 million to US$135 million.

The firm, which is the parent company of Okada Manila operator Tiger Resort Leisure and Entertainment (TRLEI), had previously announced plans for a consent solicitation that would allow it to replace existing notes to the value of US$600 million due in 2021 with new notes due 2024, while also raising an additional US$100 million in capital.

At that time, Unversal Entertainment said the company intended to use the cash proceeds for general corporate purposes.

The consent solicitation and the exchange offer would serve to delay substantial repayments but wouldn’t raise any additional funds, hence the additional new notes.