Macau’s Melco Resorts prices tight to talk; Panama’s Etesa roadshowing debut global deal

By Paul A. Harris

Portland, Ore., April 17 – Emerging markets were wider, in line with equities, according to an investment banker who focuses on Latin American credit.

Markets were very illiquid in the run-up to the Easter holiday, especially in the Latin American sector, the banker said.

In the primary market, Melco Resorts & Entertainment Ltd. priced a $500 million issue of senior notes due 2026 (Ba2/BB) at par to yield 5¼%.

The yield printed at the tight end of the 5¼% to 5½% price talk.

The Macau-based owner and operator of gaming and resort properties plans to use the proceeds to pay down its revolving credit facility under the Melco Resorts (Macau) Ltd. amended and restated credit agreement.

And Panama’s Empresa de Transmision Electrica SA (Etesa) was heard to be marketing a dollar-denominated bond deal on a roadshow set to wrap up during the post-Easter week.

BofA Merrill Lynch and Scotia Capital have the mandate.

The final size and structure remain to be determined.

Proceeds are expected to be used to refinance and consolidate current outstanding debt.

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