Melco PBL Entertainment prices $200 million exchangeable bonds due 2012

By Evan Weinberger

New York, July 30 - Melco PBL Entertainment (Macau) Ltd. announced that its two founding shareholders, Hong Kong-based Melco International Development Ltd. and Sydney-based Publishing and Broadcast Ltd., formed a special purpose vehicle which priced $200 million in exchangeable bonds due 2012 Monday.

The bonds have a conversion price of $17.19 per ADS.

There is a $50 million over-allotment option on the Regulation S transaction. The settlement date is expected to be Aug. 30.

The exchangeable bonds are meant to fund a share purchase program for the purchase of American Depository Shares, each of which represents three ordinary shares of the company.

Melco PBL Entertainment is a Hong Kong-based casino operator focused on the Macau market.

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