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Universal Ent Raises US$800 Million To Repay Existing Bills

Japanese conglomerate Universal Entertainment, the parent company of Okada Manila Casino Resort in the Philippine capital Manila, said it had raised a total of $800 million to repay existing notes with a principal of $760 million due in December 2024.

The parent company said in an announcement on Wednesday that it will issue a new $400 million bill on July 26, with an annual interest rate of 9.875%. The new bill will mature on August 1, 2029.

A separate $400 million was secured through loans arranged by Universal Entertainment's Tiger Resorts, Leisure and Entertainment Inc., the direct agency of Okada Manila.

Universal Entertainment said the refinancing took into account "the adequacy of each borrower's repayment plan for their ongoing business, the tax effect on the company's interest expenses, and the diversity of lenders and repayment dates."

On Monday, Fitch said it has given Universal Entertainment an expected rating of "B-" to its proposed new notes.

"The final rating will be based on whether or not the final documents are received consistent with the information already received, and we ensure that the total amount of new financing is sufficient to repay the bonds due in December 2024 in full," the appraiser said at the time.

In a commentary on Monday, Fitch noted Universal Entertainment's credit profile was "constrained by limited operational scale" with "more than half" of the group's earnings before interest, taxation and depreciation (EBITDA) derived from its operations at its casino resorts in the Philippines.

BY: 카지노사이트 모음

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