{"id":777010229,"date":"2023-10-18T08:27:16","date_gmt":"2023-10-18T11:27:16","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777010229"},"modified":"2026-04-22T17:01:58","modified_gmt":"2026-04-22T20:01:58","slug":"nagacorp-secures-us80m-loan-to-refinance-debt","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/nagacorp-secures-us80m-loan-to-refinance-debt","title":{"rendered":"NagaCorp secures US$80m loan to refinance debt"},"content":{"rendered":"\n<p>NagaCorp has secured a loan at 8 per cent interest from the Chen family&#8217;s trust.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Cambodia.- NagaCorp&#8217;s board has announced through a company filing that on October 17 it entered into a loan agreement with a trust under the control of the Chen family.\u00a0The loan of up to US$80m at an annual interest rate of 8 per cent has been extended by ChenLipKeong Capital, a private company registered in the Cayman Islands. <\/p>\n\n\n\n<p>The private entity is owned by The Sakai Trust, a family trust formed by Chen Lip Keong, the controlling shareholder and executive director of NagaCorp. Chen currently holds approximately 69.26 per cent of the company&#8217;s total issued shares.<\/p>\n\n\n\n<p><strong>See also:&nbsp;<\/strong><a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/nagacorp-posts-ggr-of-us379m-for-first-nine-months-of-2023\" rel=\"noreferrer noopener\">NagaCorp posts GGR of US$379m for first nine months of 2023<\/a><\/p>\n\n\n\n<p>The focal purpose of the loan is refinancing and discharging a portion of outstanding 2024 notes, specifically two categories of 7.95 per cent senior notes with a combined principal value of US$550m set to mature on July 6, 2024.\u00a0These were issued by NagaCorp in July 2020 and June 2021, respectively. NagaCorp had already repurchased some of these notes last year, leaving approximately US$472.2m outstanding.\u00a0<\/p>\n\n\n\n<p>In its filing, NagaCorp expressed confidence that, combined with the company&#8217;s existing cash resources, the loan would suffice to meet its financial obligations. <\/p>\n\n\n\n<p>Moody\u2019s Investors Service previously&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/moodys-downgrades-nagacorp-corporate-family-rating-to-b3\" rel=\"noreferrer noopener\">downgraded NagaCorp\u2019s corporate family rating to \u2018B3\u2019<\/a>&nbsp;from \u2018B2\u2019 due to concerns about refinancing the US$472m bond set to mature in July 2024. However, analysts suggested that as the \u201crefinancing overhang gets removed,\u201d the company\u2019s stock will regain its momentum, trading based on solid fundamentals.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NagaCorp has secured a loan at 8 per cent interest from the Chen family&#8217;s trust.<\/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 has secured an US$80 million loan at an 8% annual interest rate from ChenLipKeong Capital, a private entity owned by The Sakai Trust, controlled by its executive director Chen Lip Keong. This related-party financing aims to refinance a portion of the outstanding US$472.2 million 7.95% senior notes due July 2024, addressing prior Moody's concerns regarding refinancing risk.","focusai_entities":"NagaCorp, Chen family, ChenLipKeong Capital, The Sakai Trust, Chen Lip Keong, Moody\u2019s Investors Service","focusai_location":"Cambodia, Cayman Islands","focusai_target_profile":"ceo_executive (0.95), regulator (0.85), compliance_legal (0.8), operator_casino (0.9), investor_analyst (0.98), supplier_vendor (0.7), journalist_researcher (0.95)","focusai_suggestions":[{"label":"Loan Terms & Market Comparison?","query":"What are the full commercial terms of the Chen family trust loan, beyond the stated interest rate, and how do they benchmark against prevailing market rates for similar debt instruments given NagaCorp's credit profile?"},{"label":"Revised Debt Maturity Profile?","query":"Following this US$80 million refinancing, what is NagaCorp's updated debt maturity profile for the remaining 2024 notes, and what specific strategies are in place to address the residual principal?"}],"footnotes":""},"categories":[163,16333],"tags":[2336],"class_list":["post-777010229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-east-asia-news","tag-nagacorp"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010229","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=777010229"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010229\/revisions"}],"predecessor-version":[{"id":777041120,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010229\/revisions\/777041120"}],"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=777010229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777010229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777010229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}