Melco Resorts talks dollar benchmark eight-year notes at 7¾%-7 7/8%

By Paul A. Harris

Portland, Ore., April 8 – Melco Resorts Finance Ltd. talked a benchmark offering of dollar-denominated eight-year senior notes (Ba3/BB-) to yield 7¾% to 7 7/8%, tight to early guidance in the high-7% area, according to market sources.

Deal size is expected to be $500 million but could increase to as much as $750 million, according to a trader, who added that the offering is heard to be playing to $1 billion of demand.

Pricing is expected on Tuesday.

The Rule 144A and Regulation S notes come with three years of call protection.

Deutsche Bank is leading the notes’ sale.

The prospective issuer is a wholly owned subsidiary of Melco Resorts & Entertainment Ltd., a Macau-based casino operator, which plans to use the proceeds to pay down its revolver.

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