Genting sells $450m of convertible bonds
Genting International is selling $450 million of convertible bonds to part finance its integrated resort project on Sentosa Island.
The five-year bonds can be converted into Genting shares at about a dollar and 23.8 cents a share, representing an 18 per cent premium to Genting's closing price of 1-05 yesterday.
JP Morgan Securities, DBS Group and CIMB-GK Securities are the joint bookrunners and managers for the offer.
Macquarie Bank and OCBC are also managing the offer.
Genting expects to raise net proceeds of about $441 million from the bond sale.
The company says the net proceeds will also be used to fund its purchase of Star Cruises' 25 per cent stake in the Sentosa IR project.
Genting International said last month it will pay Star Cruises $255 million to buy its stake in the IR project.
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