Galaxy
Sells $600 Million Bonds
As reported by the Dow Jones:
"Macau's Galaxy Casino S.A. Wednesday raised
US$600 million of debt in what is only the second
bond from the gaming industry in Asia outside
Japan.
"The
deal - also the first high-yield bond from the
sector in the region - comprised a US$350 million
fixed-rate portion maturing in seven years and
callable after four years and a US$250 million
floating-rate tranche due in five years and
callable after three years.
"The
fixed-rate portion was priced at par to yield
9.875%, at the tight end of revised guidance
of 9.875%-10.0%.
"…The
deal - increased from an originally anticipated
US$500 million - had drawn US$2.25 billion in
orders by late trading day in Asia Wednesday
after the borrower spent over a week meeting
with investors in Asia, Europe and the U.S…"
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