NagaCorp accepts tenders for $69.55 million of 7.95% notes due 2024

By Marisa Wong

Los Angeles, Nov. 14 – Cambodia’s NagaCorp Ltd. announced the final results of its Nov. 4 tender offer to purchase up to $120 million of its $541.7 million outstanding 7.95% senior notes due 2024 (ISIN: XS2197693265).

As of the expiration of the offer at noon ET on Nov. 11, holders had tendered and the company accepted for purchase $69,545,000 of the notes, according to a notice on Monday.

The clearing price was set at $915 per $1,000 principal amount. Pricing was determined through a modified Dutch auction procedure. The minimum purchase price was $880 per $1,000 principal amount.

The issuer will also pay accrued interest to but excluding the settlement date.

The company will finance the offer with surplus cash on hand.

Settlement is slated for Nov. 17. The company said on Monday that all conditions to the offer have been met.

After settlement, $472,155,000 principal amount will remain outstanding.

Credit Suisse (Hong Kong) Ltd. (+852 2101 6000; attn.: investment banking & capital markets – legal: list.projectchromium@credit-suisse.com) is the dealer manager.

Kroll Issuer Services Ltd. (+852 2281 0114, attn.: Mu-yen Lo; +44 20 7704 0880, attn.: Thomas Choquet; nagacorp@is.kroll.com; https://deals.is.kroll.com/nagacorp) is the information and tender agent.

The issuer had repurchased $8.3 million of the notes through open market purchases up to Nov. 3, leaving $541.7 million principal amount outstanding at the start of this tender offer.

The gaming and leisure company is based in Phnom Penh, Cambodia.

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