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Macau's New Cotai sets coupon talk in $360 million PIK notes, equity interests offering
By Paul A. Harris
Portland, Ore., April 10 - New Cotai, LLC and New Cotai Capital Corp. talked their $360 million offering of non-rated six-year senior PIK notes with a coupon in the 10¾% area.
The notes come with attached equity interests in New Cotai Participation Corp.
The order books are scheduled to close at noon ET on Thursday.
Credit Suisse Securities (USA) LLC is the bookrunner.
The Rule 144A for life notes become callable in two years at par plus the full coupon. The notes feature a three-year 35% equity clawback.
Affiliates of the company will purchase $140 million of the securities.
The gaming company, which operates in Macau, plans to use the proceeds to partially fund equity commitments to the Macau Studio City project.
New Cotai Entertainment owns 40% of the Macau Studio City project.
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