By Lisa Mayntz and Cristal Cody
Chicago, Jan. 28 – Genting New York LLC, a fully owned subsidiary of Genting Malaysia Bhd., and co-issuer Genny Capital Inc. sold an upsized $525 million offering of 3.3% senior notes due Feb. 15, 2026 (BBB-/BBB-), according to a market source.
The issue was upsized from $400 million.
The final spread on the notes was Treasuries plus 295 basis points versus initial price talk in the Treasuries plus 325 bps area.
The Rule 144A and Regulation S notes are being managed by BofA Securities Inc., BNP Paribas Securities Corp., DNB and Wells Fargo Securities LLC.
Proceeds, according to Fitch Ratings, are expected to be used to refinance debt.
Genting is a New York-based casino operator.
| Issuers: | Genting New York LLC/Genny Capital Inc.
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| Amount: | $525 million
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| Maturity: | Feb. 15, 2026
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| Securities: | Senior notes
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| Bookrunners: | BofA Securities Inc., BNP Paribas Securities Corp., DNB and Wells Fargo Securities LLC
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| Coupon: | 3.3%
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| Spread: | Treasuries plus 295 bps
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| Pricing date: | Jan. 27
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| Ratings: | S&P: BBB-
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| Fitch: BBB-
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | Treasuries plus 325 bps area
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