Genting Malaysia is set to raise MYR500 million (US$113 million) to help fund the development or redevelopment of its integrated resorts after issuing medium term notes via a subsidiary on Friday.
The global gaming giant said in a filing that it had issued the notes through its wholly-owned subsidiary, GenM Capital Bhd – part of a MYR5 billion notes program. Issued via three tranches – the first to mature in five years’ time, the second in seven and the third in 10 – the notes represent the third issuance by GenM Capital under the medium-term notes program.
Proceeds from the issuance will be utilised for “operating expenses, capital expenditure, investment, refinancing, working capital requirements and/or general funding requirements,” Genting Malaysia said, “including to finance the development and/or redevelopment of the properties and/or resorts of Genting Malaysia and its subsidiaries including those located in Genting Highlands, Pahang, Malaysia.”
The notes provide even more liquidity to Genting Malaysia, which last month announced the sale of its 15.47-acre parcel of land in Miami for US$1.23 billion. The proceeds from that sale are expected to be used to fund the expansion of its New York casino should it be granted a full license allowing for the addition of gaming tables.
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