Melco Resorts Finance, which is a wholly-owned subsidiary of Melco Resorts & Entertainment has announced of its plan to offer senior notes.
As a part of its initial offering, Melco is set to offer 5.375% senior notes due 2029. The offering is worth $250 million.
As per Gambling Insider, Melco’s statement read: “the offering consists of $250m aggregate principal amount of Additional Notes, priced at 103.25% of the principal amount plus accrued interest from December 4, 2020 to, but not including, the issue date of the Additional Notes.”
Melco Resorts Finance added: “Additional Notes will be issued under the indenture, dated December 4, 2019, pursuant to which Melco Resorts Finance issued $900m aggregate principal amount of 5.375% senior notes due 2029.”
The proceeds from the offering are intended to be used for covering the principal amount drawn under the revolving credit facility, accrued interest and also for other general corporate purposes.
The company intends to implement cost reduction program due to onset of coronavirus and due to decline in its Gross Gaming Revenue. However, the situation has improved compared to Quarter 3 GGR figures.