Hong Kong's Galaxy Entertainment calls $281.16 million 9 7/8% notes

By Marisa Wong

Milwaukee, April 23 - Galaxy Entertainment Finance Co. Ltd. said it plans to redeem its $350 million 9 7/8% guaranteed senior notes due 2012 on May 24.

Galaxy will redeem the notes at 104.938, plus accrued interest up to the redemption date.

Funding for the redemption will come from internal resources of the issuer and its affiliates and/or external financing, according to an announcement.

As of Friday, there was $281,163,000 principal amount of the notes outstanding.

The issuer is a subsidiary of Galaxy Entertainment Group Ltd., which is based in Hong Kong and operates casinos, hotels and entertainment facilities in Macau through subsidiary Galaxy Casino SA.

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