By Wendy Van Sickle
Columbus, Ohio, June 8 – NagaCorp Ltd. sold a $200 million add-on to its 7.95% senior notes due July 6, 2024 (B1/B+) on Monday at 103.608 to yield 6 5/8%, according to an announcement.
The company originally priced $350 million of the notes on June 24, 2020.
Credit Suisse and UBS are the bookrunners for the Regulation S offering.
The order book for the tap of notes reached $580 million, the company reported.
The company intends to use the proceeds from the new notes for working capital and general corporate purposes.
The hotel, gaming and leisure operator is based in Phnom Penh, Cambodia, with offices in Hong Kong.
| Issuer: | NagaCorp Ltd.
|
| Issue: | Senior notes
|
| Amount: | $200 million add-on
|
| Maturity: | July 6, 2024
|
| Bookrunners: | Credit Suisse and UBS
|
| Coupon: | 7.95%
|
| Price: | 103.608
|
| Yield: | 6 5/8%
|
| Call option: | Make-whole call until July 6, 2022; thereafter at par
|
| Equity clawback: | Up to 35% at 107.95 before July 6, 2022
|
| Change of control: | At 101
|
| Pricing date: | June 7
|
| Settlement date: | June 15
|
| Ratings: | Moody’s: B1
|
| S&P: B+
|
| Distribution: | Regulation S
|
| Original issue: | $350 million priced on June 24, 2020
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