By Paul A. Harris
Portland, Ore., July 10 – Melco Resorts Finance Ltd. priced an upsized $600 million issue of eight-year senior notes (expected Ba2/confirmed BB) at par to yield 5 5/8% on Wednesday, according to market sources.
The issue size increased from $500 million.
The yield printed at the tight end of yield talk in the 5¾% area, which had been revised from earlier official talk in the 5 7/8% area.
Deutsche Bank and ANZ were the bookrunners.
The issuer, a wholly owned subsidiary of Macau-based gaming and entertainment operator Melco Resorts & Entertainment Ltd., plans to use the proceeds, including the additional proceeds resulting from the $100 million upsizing of the deal, to partially repay the revolving credit facility under the amended and restated credit facilities entered into by Melco Resorts (Macau) Ltd., a subsidiary of Melco Resorts Finance.
| Issuer: | Melco Resorts Finance Ltd.
|
| Amount: | $600 million, increased from $500 million
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| Maturity: | July 17, 2027
|
| Securities: | Senior notes
|
| Bookrunners: | Deutsche Bank, ANZ
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| Coupon: | 5 5/8%
|
| Price: | Par
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| Yield: | 5 5/8%
|
| Spread: | 366
|
| Call protection: | Three years
|
| Trade date: | July 10
|
| Settlement date: | July 17
|
| Ratings: | Moody's: Expected Ba2
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5¾% area, revised from 5 7/8% area
|
| Marketing: | Roadshow
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