Japan-listed Universal Entertainment issues $143 million in additional notes on July 2

Japan’s Universal Entertainment is planning to raise US$143 million in privately placed additional notes due 2024.

Okada Manila become the first among the four IR to be granted online gaming license in Manila

Okada Manila become the first among the four IR to be granted online gaming license in Manila

The parent to the promoter of the Okada Manila in the Philippine, is to place privately outside Japan, up to US$143 million in additional notes, carrying 8.5% interest and due in December 2024.

The issuance is to take place on July 2, and the issue price will be 102% of the principal amount, said the firm in a release.

Proceeds will be used for the early redemption of US$118 million in principal amount of the group’s existing notes due in December this year, as stated in a June announcement.

The actual sum involved in the redemption will be just under 106.6% of the principal amount, nearly US$125.8 million, said Universal Entertainment.

The guarantors on the additional notes are Tiger Resort Asia Ltd, and Tiger Resort, Leisure and Entertainment Inc, two Universal Entertainment entities linked to the casino complex.

The marketing agent for the private placing is United States-based brokerage Union Gaming Securities LLC.

A June 15 memo from Fitch Ratings, said that Universal Entertainment tapping access to between US$140 million and US$150 million from its existing US$617 million in 8.5% senior notes was seen a “credit positive” as it would “alleviate short-term refinancing and liquidity pressure”.

Metro Manila’s casinos are “currently allowed to operate at limited capacity,” said in late May the country’s gaming regulator. However, Metro Manila is to remain under a general community quarantine with “some restrictions,” until June 30.


Editing by Rachel Hu