Casino opNagakov Taps $200 Million With Additional Notes

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Nagakov, the Hong Kong-listed casino operator, said it would issue an additional 7.95% senior bond for a total principal amount of $200 million. The bond, which is not converted into shares, is due on July 6, 2024, it filed on Monday.

Nagakov is an exclusive casino operator in Phnom Penh, Cambodia’s capital, running Nagakov Casino Resort.

The casino company said the new notes would be consolidated to form the same series as the $350 million notes issued last year.

In a filing on Monday, Nagac Corp said it was pleased with the “successful pricing” of the additional notes and the “positive response” it received from investors.

“The order book amounted to more than US$580 million, and the company believes the success of this transaction reflects investor confidence in the company’s long-term strategy and robust credit profile,” Nagakov said.

The company said the new draft proposal was intended to “strengthen the working capital of the group and raise additional capital for other general corporate purposes.”

The proposed price of the additional note will be 103.608% of the principal amount at accrued interest beginning January 6, 2021, the company added. After deducting fees, fees and expenses, it expected net income from the exercise to reach nearly US$211.6 million.

In a separate filing on Monday, Nagakov confirmed Nagarwold’s layoffs and pay cuts, the latter of which went into effect in March. The company said the casino resort was an “active step” to manage the impact of the COVID-19 pandemic, as it had been closed since early March.

BY: 온라인카지노

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