By Paul A. Harris
Portland, Ore., Jan. 13 – Melco Resorts & Entertainment Ltd. priced a $250 million add-on to the Melco Resorts Finance Ltd. 5 3/8% senior notes due Dec. 4, 2029 (Ba2/BB) at 103.25 to yield 4.918% in a Wednesday drive-by, according to market sources.
The issue price came at the rich end of the 103 to 103.25 price talk. Initial guidance was 102¾ to 103.
Deutsche Bank was at the left of a syndicate of bookrunners that also included Morgan Stanley, Bank of China Macau Branch, Bank of Communications Macau, BOC International Macau and Mizuho.
The Macau-based developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia plans to use the proceeds, together with cash on hand if applicable, to repay debt at its subsidiary, MCO Nominee One Ltd., with any remaining proceeds to be used for general corporate purposes.
| Issuer: | Melco Resorts Finance Ltd.
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| Amount: | $250 million
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| Maturity: | Dec. 4, 2029
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| Security description: | Add-on to 5 3/8% senior notes due Dec. 4, 2029
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| Bookrunners: | Deutsche Bank, Morgan Stanley, Bank of China Macau Branch, Bank of Communications Macau, BOC International Macau and Mizuho
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| Coupon: | 5 3/8%
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| Price: | 103.25
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| Yield: | 4.918%
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| First call date: | Dec. 4, 2024
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| Trade date: | Jan. 13
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| Settlement date: | Jan. 21
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| Ratings: | Moody's: Ba2
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| S&P: BB
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 103 to 103.25
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| Marketing: | Drive-by
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| Original issue: | $900 million priced in November 2019
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