Japanese conglomerate Universal Entertainment, the parent company of the Okada Manila Casino Resort in Manila, the capital of the Philippines, said it will issue new notes to raise “borrowing funds” for the existing notes with a principal of $760 million. The existing notes are expected to mature in December 2024.
“The Company’s Board of Directors is determined to begin preparing to issue new overseas private equity notes denominated in U.S. dollars,” Universal Entertainment said in a release on Thursday.
The company said the U.S.-based CBRE Capital Advisors Inc will be the sole placement agent for the new note.
“The details of the terms and conditions for the issuance of the new paper will be announced as soon as they are finalized,” Universal Entertainment added.
The Japanese conglomerate said the purpose of the refinancing was to “improve the cash flow structure” and “ensure liquidity” by completing early repayment of the total outstanding amount of existing bills.
Universal Entertainment also makes pachinko and pachislot machines for the Japanese consumer entertainment market.
In May, Fitch placed Universal Entertainment on a “credit rating” due to a $760 million U.S. bill maturing in December.
“While the company [Universal Entertainment] is in advanced stages of implementing its refinancing plan, no legally binding commitment to refinancing is in place,” Fitch said at the time.
The agency also added, “Fitch will address ‘credit rating negatives’ if the company successfully repays its debt. Delays in execution of repayments are likely to lead to further negative action.”
BY: 홀짝게임