{"id":777007536,"date":"2023-07-24T09:32:51","date_gmt":"2023-07-24T12:32:51","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777007536"},"modified":"2026-04-22T19:44:58","modified_gmt":"2026-04-22T22:44:58","slug":"morgan-stanley-nagacorp-likely-to-refinance-us470m-bond","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/morgan-stanley-nagacorp-likely-to-refinance-us470m-bond","title":{"rendered":"Morgan Stanley: NagaCorp likely to refinance US$470m bond"},"content":{"rendered":"\n

According to analysts, the casino operators \u201cplanned capital expenditure is US$60m for second-half 2023 and US$20m for first-half 2024\u201d.<\/p>\n\n\n\n\n\n\n\n

Cambodia.- Analysts at Morgan Stanley Asia <\/strong>have reported that casino operator and developer NagaCorp<\/strong> is likely to refinance its US$470m bond issue set to mature in July 2024. They say NagaCorp’s planned capital expenditure for the latter half of 2023 is US$60m, followed by US$20m in the first half of 2024.<\/p>\n\n\n\n

Moody’s Investors Service previously downgraded NagaCorp’s corporate family rating to ‘B3’<\/a> 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 regain its momentum, trading based on solid fundamentals. <\/p>\n\n\n\n

As of the end of the first half, the company had a cash reserve of US$242m and US$86m in half-on-half profits. Gross gaming revenue (GGR) was US$252.3m, up 57.4 per cent when compared to H1 in 2022<\/a>. Net Profit was up 57.4 per cent to US$83m in year-on-year terms while earnings before interest, taxation, depreciation and amortisation (EBITDA) were US$143.2m, up 10.1 per cent. Total revenue was US$263m, up 9.8 per cent.<\/p>\n\n\n\n

See also: <\/strong>NagaCorp pushes Naga 3 casino project back to 2029<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

According to analysts, the casino operators \u201cplanned capital expenditure is US$60m for second-half 2023 and US$20m for first-half 2024\u201d.<\/p>\n","protected":false},"author":176,"featured_media":18779,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"NagaCorp faces a US$470m bond refinancing challenge by July 2024, leading to a Moody's downgrade despite robust H1 2023 financial performance, including significant GGR and net profit growth. Analysts anticipate stock recovery post-refinancing, with planned capital expenditure of US$80m through H1 2024 and a strategic delay of the Naga 3 project to 2029.","focusai_entities":"NagaCorp, Morgan Stanley Asia, Moody's Investors Service","focusai_location":"Cambodia","focusai_target_profile":"ceo_executive (0.9), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Refinancing Strategy Impact","query":"What specific mechanisms is NagaCorp exploring for its US$470m bond refinancing, and what are the potential implications of various strategies (e.g., new debt issuance, equity raise, asset sales) on its capital structure and cost of capital?"},{"label":"Naga 3 Delay Rationale","query":"Beyond the stated capital expenditure, what are the underlying strategic and market-driven rationales for delaying the Naga 3 casino project to 2029, and how does this revised timeline impact its projected ROI and competitive positioning?"}],"footnotes":""},"categories":[157,16333],"tags":[2336],"class_list":["post-777007536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-nagacorp"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777007536","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777007536"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777007536\/revisions"}],"predecessor-version":[{"id":777007567,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777007536\/revisions\/777007567"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18779"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777007536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777007536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777007536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}