Malaysian gaming giant Genting Berhad has launched a conditional tender offer via its wholly-owned subsidiary GOHL Capital Limited for its outstanding US$1.5 billion 4.25% Guaranteed Notes due 2027, part of a refinancing exercise to extend the Genting Group’s debt maturity profile.
The company issued a Tender Offer Memorandum on Tuesday, explaining it will pay US$1,000 per US$1,000 in bonds plus accrued interest, with settlement expected on 4 May 2026.
The offer is conditional upon the successful completion of a refinancing exercise and the maximum purchase amount dependant on the scale of any new bond issuance. The minimum tender is set at US$200,000.
Genting Berhad earlier this week flagged another refinancing option by way of a proposed issue of perpetual securities – a move ratings agency Fitch said would allow the company to reduce its leverage from an expected high of 5.5x this year to 4.8x.
However, Fitch also noted that Genting risks a ratings downgrade if it doesn’t effectively reduce its debt in the short-term, which remains elevated following a series of recent substantial investments. These include the acquisition of a much larger stake in Genting Malaysia, obtaining a full casino license in New York and the US$5 billion expansion of its Singapore IR Resorts World Sentosa.
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