Macau's Melco Crown Entertainment talks $1 billion eight-year notes with 5¼% area yield

By Paul A. Harris

Portland, Ore., Jan. 28 - MCE Finance Ltd., a subsidiary of Macau's Melco Crown Entertainment Ltd., talked its $1 billion offering of eight-year senior notes (expected ratings B1/BB-) with a yield in the 5¼% area on Monday, according to a market source.

The quick-to-market deal is expected to price on Tuesday.

Deutsche Bank Securities Inc., ANZ, Bank of America Merrill Lynch and Citigroup Global Markets are the joint bookrunners.

The notes come with three years of call protection.

The gaming company plans to use the proceeds to fund the tender of its 10¼% notes and for the partial repayment of the Melco Crown Entertainment RMB 2.3 billion ($364.9 million equivalent) 3¾% bonds due 2013 issued in May 2011.

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