By Christine Van Dusen
Atlanta, Dec. 16 - Hong Kong's Galaxy Entertainment Group Ltd. settled an RMB 1.38 billion issue of notes due Dec. 16, 2013 at par to yield 4 5/8%, a market source said.
Bank of America Merrill Lynch, BOCI International, HSBC and UBS were the bookrunners for the Regulation S deal, which was talked at a yield in the 5% area.
Proceeds will be used as general working capital for the issuer's and its subsidiaries' non-gaming business and will provide additional financial flexibility.
Galaxy operates casinos, hotels and entertainment facilities in Macau through subsidiary Galaxy Casino SA.
| Issuer: | Galaxy Entertainment Group Ltd.
|
| Amount: | RMB 1.38 billion
|
| Maturity: | Dec. 16, 2013
|
| Description: | Fixed-rate senior bonds
|
| Bookrunners: | Bank of America Merrill Lynch, BOCI International, HSBC, UBS
|
| Coupon: | 4 5/8%
|
| Price: | Par
|
| Yield: | 4 5/8%
|
| Trade date: | Dec. 9
|
| Settlement date: | Dec. 16
|
| Distribution: | Regulation S
|
| Price talk: | 5% area
|
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