By Kate O’Keeffe and Natasha Brereton
Of DOW JONES NEWSWIRES
HONG KONG (Dow Jones)–Macau casino developer Melco Crown Entertainment Ltd. (MPEL) said Tuesday it plans to raise around US$350 million through an international yuan-denominated bond offering.
The company, co-chaired by Australian tycoon James Packer and Lawrence Ho, son of Macau gambling magnate Stanley Ho, said it would use the proceeds from the proposed offering to fund potential expansion opportunities, which could include acquisitions. Proceeds would also be used to repay debt, to partially pre-fund interest payments on the bonds, and for working capital and general corporate purposes.
A person familiar with the deal said earlier Tuesday that the company has hired Bank of America Merrill Lynch, Citigroup, Deutsche Bank and The Royal Bank of Scotland as bookrunners.
Melco Crown also said Tuesday that its unit had reached a deal on Thursday with a group of lenders to arrange and underwrite credit facilities of approximately US$1.2 billion, primarily to refinance the company’s City of Dreams Project Facility.
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