Melco Resorts lifts eight-year notes to $750 million, firms talk at 7 5/8%-7¾%; pricing Tuesday

By Paul A. Harris

Portland, Ore., April 9 – Melco Resorts Finance Ltd. upsized its offering of eight-year senior notes (Ba3/BB-) to $750 million from $500 million on Tuesday morning, according to market sources.

Talk tightened to 7 5/8% to 7¾% from the earlier 7¾% to 7 7/8% official talk. Initial guidance was in the high-7% area.

The deal is expected to price before midday 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. The incremental proceeds resulting from the $250 million upsizing will also be applied to revolver debt, as well as to general corporate purposes.

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