KUALA LUMPUR, April 3 — Genting Bhd’s indirect units Resorts World Las Vegas LLC (RWLV) and RWLV Capital Inc today priced their offering of US$1 billion (RM4.09 billion) 4.625 per cent senior notes, issued to part-finance the development of the Resorts World Las Vegas casino and integrated resort in Nevada.
In a filing with Bursa Malaysia today, Genting said the 10-year notes, due 2029, had been offered and sold in the United States (US) only to qualified institutional buyers and only to certain non-US persons in offshore transactions outside the US, in reliance on registration requirement exemption and Regulation S under the US Securities Act of 1933.
The notes are expected to be listed on the Singapore Exchange.
It said S&P Global Ratings had assigned a preliminary issue rating of BBB+ to the notes while Fitch Ratings Ltd had assigned an expected rating of A-(EXP).
“It is contemplated that concurrently with the issuance of the notes, RWLV will enter into US$1.6 billion senior secured credit facilities, comprising a US$400 million term loan facility and a US$1.2 billion revolving credit facility,” Genting said.
The notes have not been registered under the Securities Act or any state or other jurisdiction’s securities laws.
“Accordingly, the notes may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the Securities Act and any applicable state or other jurisdiction’s securities laws,” it said.
Genting said the notes would have the benefit of various funding agreements to be provided by Genting Overseas Holdings Ltd (GOHL), a direct wholly-owned subsidiary of the group, as well as a keepwell deed to be provided by company. — Bernama
