Resorts World Las Vegas tightens guidance on benchmark dollar notes to 8¾%; pricing Wednesday

By Paul A. Harris

Portland, Ore., July 19 – Resorts World Las Vegas tightened talk on a benchmark dollar-denominated offering of seven-year senior bullet notes (BB+/BBB-) to 8¾% from earlier talk in the 8.9% area, according to market sources.

The offering was playing to $900 million of demand on Wednesday morning, a sellside source said.

The deal, which is being transacted on the emerging markets investment-grade desk, is set to price later on Wednesday.

Joint bookrunner Citigroup is the global coordinator for Asia. Joint bookrunner Barclays is the global coordinator for Europe, the Middle East and Africa. Joint bookrunner JPMorgan is the global coordinator for the United States. DBS Bank and Deutsche Bank are also joint bookrunners.

The notes will rank pari passu with the company’s outstanding $1.25 billion of notes maturing in 2029 and 2031.

The Winchester, Nev.-based resort, mall and casino operator, a subsidiary of Malaysia-based Genting Bhd., plans to use the proceeds to repay a $300 million subordinated shareholder loan that was provided under the terms of the $800 million senior secured facilities that closed on June 28, 2023.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.