Japan’s Universal Entertainment Corp, the founder of the Philippine capital Okada Manila casino resort (pictured), will issue an additional $8.5% interest and up to $143 million due in December 2024.

The issue date will be Friday (2 July) and the issue price will be 102% of the principal amount, the company said in a release on Friday.

The proceeds will be used for early repayment of $118 million in principal amount of the group’s existing notes due in December this year, as announced on June 11.

The amount involved in the actual repayment would be only 106.6% of the principal, or $125.8 million, Universal Entertainment said.

The guarantors of the additional notes are Tiger Resorts Asia Inc., two Universal Entertainment Corporations linked to Okada Manila Casino Venture, and Tiger Resorts, Leisure and Entertainment Inc.

The marketing agent for Private Place is Union Gaming Securities LLC, a U.S.-based brokerage.

Universal Entertainment was considered “credit positive” as it “relieves short-term refinancing and liquidity pressures” access between $617 million and $140 million from the existing $617 million in 8.5% senior bonds, according to a June 15 note from Fitch.

Game gross sales in Okada Manila fell 41.0% year-over-year in the first quarter of 2021, Universal Entertainment said in April. That GGR amounted to nearly $5.11 billion (about $1.05 billion) compared to $8.64 billion (about $1.05 billion) in the first three months of 2020.

A number of major commercial casino operators in the Philippine capital, including Okada Manila, have been closed since late March this year as part of Metro Manila’s pandemic response measures.

Casinos in Metro Manila are “currently allowed to operate at limited capacity,” Philippine gaming regulator Philippine Entertainment Games Corp. said in late May, responding to inquiries from GGRAsia. Nevertheless, Metro Manila will remain under general community quarantine with “some restrictions” until June 30.

BY: 에볼루션 바카라사이트

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