December 20, 2013 8:48 pm [ manilatimes.net ]
by Madelaine B. Miraflor Reporter
Melco Crown (Philippines) Resorts Corp. is set to raise up to P15 billion from the issuance of debt notes, a transaction seen to provide the company enough financing for its capital expenditure program and debt financing.
In a disclosure to the Philippine Stock Exchange, Melco Crown Philippines announced on Friday that its wholly owned indirect subsidiary, MCE Leisure (Philippines) Corp., has priced its senior notes that were eventually offered to limited investors via private placement within the Philippines.
Priced at 100 percent of par, the notes offering consisted of P15 billion or approximately $340-million aggregate principal amount of 5-percent senior notes due in 2019.
“MCE Leisure Philippines intends to use the net proceeds from the offering for capital expenditure, refinancing of debt and general corporate purposes,” the company told the local bourse.
Still subject to customary closing conditions, the issuance is expected to occur before January 31, 2014.
The notes were offered via a private placement to not more than 19 primary institutional lenders. Melco Crown Philippines is a subsidiary of Hong Kong-listed casino operator Melco Crown Entertainment Ltd.
Melco Crown Philippines is currently developing a $1.3-billion integrated casino resort at Entertainment City with the Henry Sy-led Belle Corp.
City of Dreams Manila, when it opens around the middle of 2014, will mark the formal entry of Melco Crown Entertainment into the country’s tourism industry. City of Dreams Manila is
next to the City of Dreams Macau to be branded as such.
The 6.2-hectare City of Dreams Manila is masterplanned to have six hotels under three hotel brands.
The company also announced during the naming ceremony of the casino resort complex that following various amendments to gaming regulations in the Philippines by the state-run Philippine Gaming and Amusement Corp., City of Dreams Manila has been permitted to operate a substantially increased number of gaming tables and electronic gaming machines upon opening.