By Marisa Wong
Morgantown, W.Va., Feb. 9 – Imperial Pacific International Holdings Ltd. said it issued $70 million of 8˝% senior secured notes due 2020.
The company announced last month that it planned to offer at least $60 million of the 8˝% notes (expected: B1//B-) at par.
The company said before that it intends to use the proceeds from the Regulation S deal to finance its development of the Grand Mariana Hotel and Casino in Garapan, Saipan.
Imperial Pacific is a Hong Kong-based investment holding company.
| Issuer: | Imperial Pacific International Holdings Ltd.
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| Issue: | Senior secured notes
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| Amount: | $70 million
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| Maturity: | 2020
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| Coupon: | 8˝%
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| Price: | Par
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| Call option: | At par plus an applicable premium in whole at any time and at 108.5 under a 35% equity clawback provision
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| Announcement dates: | Jan. 11, Feb. 8
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| Expected ratings: | Moody’s: B1
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| Fitch: B-
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| Distribution: | Regulation S
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