{"id":777017438,"date":"2024-07-22T09:35:55","date_gmt":"2024-07-22T12:35:55","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777017438"},"modified":"2026-04-22T07:57:12","modified_gmt":"2026-04-22T10:57:12","slug":"fitch-assigns-b-rating-to-universal-ents-proposed-2029-notes","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/fitch-assigns-b-rating-to-universal-ents-proposed-2029-notes","title":{"rendered":"Fitch assigns B- rating to Universal Ent’s proposed 2029 notes"},"content":{"rendered":"\n

Universal Entertainment aims to refinance US$760m of overseas private placement notes.<\/p>\n\n\n\n\n\n\n\n

The Philippines.- Fitch Ratings<\/strong> has given Universal Entertainment Corporation<\/strong>\u2019s proposed US dollar-denominated private placement notes, expected to mature in 2029, an anticipated rating of B-. On July 19, the company announced a plan to issue new notes to raise funds<\/a> for the early redemption of its existing notes amounting to US$760m maturing in December 2024.<\/p>\n\n\n\n

As part of this refinancing strategy, Tiger Resort, Leisure and Entertainment (TRLEI)<\/strong>, the operator of Okada Manila, has secured a US$400m loan from China Banking Corp. The loan will commence on August 1, with the repayment schedule set to conclude seven years from the start date.<\/p>\n\n\n\n

In its assessment, Fitch noted that the proceeds from Universal Entertainment\u2019s new notes, combined with the loan arranged by its Philippine subsidiary, are primarily intended for refinancing the existing notes due in December 2024. The final rating is contingent upon receiving documents that conform to the provided information and verify that the new funds will be sufficient to redeem the maturing notes in full.<\/p>\n\n\n\n

In May, Fitch placed Universal Entertainment on \u2018rating watch negative\u2019<\/a> due to the company\u2019s impending US$760m notes. Analysts noted that while the company was in the advanced stages of closing a refinancing plan, there were no legally binding commitments in place. Fitch said it would resolve the rating watch negative if the company successfully refinances its debt while any delays \u201cwill likely lead to further negative actions.\u201d<\/p>\n\n\n\n

Universal Entertainment\u2019s IR revenue declined quarter over quarter in Q4 and Q1 due to weaker performance in the VIP segment. The company recorded net sales of JPY34.4bn (US$220m)<\/a> for the first quarter of the year. That\u2019s a decline of 3 per cent when compared to last year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Universal Entertainment aims to refinance US$760m of overseas private placement notes.<\/p>\n","protected":false},"author":176,"featured_media":18988,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Universal Entertainment is executing a refinancing strategy for US$760m in private placement notes due December 2024, involving new note issuance and a US$400m loan secured by its Philippine subsidiary, TRLEI. Fitch Ratings has assigned an anticipated B- rating to the proposed notes, contingent on successful and sufficient funding for the early redemption, with a 'rating watch negative' status pending resolution.","focusai_entities":"Universal Entertainment Corporation, Fitch Ratings, Tiger Resort, Leisure and Entertainment (TRLEI), Okada Manila, China Banking Corp.","focusai_location":"Philippines","focusai_target_profile":"ceo_executive (0.9), operator_casino (0.8), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Refinancing Terms","query":"What are the specific covenants, interest rates, and security provisions associated with Universal Entertainment's new private placement notes and TRLEI's US$400m loan, and how do these terms impact the company's future financial flexibility and leverage ratios?"},{"label":"Capital Structure Impact","query":"How will the successful refinancing of the US$760m debt, particularly given the Q4 and Q1 IR revenue decline, influence Universal Entertainment's capital allocation strategy for its gaming verticals and potential M&A activities in the coming fiscal years?"}],"footnotes":""},"categories":[157,16333],"tags":[23749],"class_list":["post-777017438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-universal-entertainment-corporation"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777017438","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=777017438"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777017438\/revisions"}],"predecessor-version":[{"id":777017452,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777017438\/revisions\/777017452"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18988"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777017438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777017438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777017438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}