KUALA LUMPUR (Sept 11): Genting Malaysia Bhd’s (KL:GENM) indirect wholly-owned subsidiaries, video lottery facility operator Genting New York LLC (Genny) and its unit Genny Capital Inc, have priced their offering of US$525 million (RM2.28 billion) aggregate principal amount of 7.25% senior unsecured notes due 2029.

The resort operator said the offering is being undertaken by Genny to refinance existing indebtedness.

Concurrently with the issuance of the notes, Genny expects to enter into a new senior secured credit facility, which will include a US$775 million delayed draw term loan facility and a US$150 million revolving credit facility, it said in a filing with Bursa Malaysia Wednesday.

“Approval in-principle has been received for the listing of the notes on the Singapore Exchange Securities Trading Ltd,” it said.

S&P Global Ratings and Fitch Ratings Ltd have assigned ratings of BB+ (stable) and BBB- (negative) to the notes, respectively.

Genting Malaysia said the notes have been offered and sold only to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from the registration requirements of the United States (US) Securities Act of 1933, as amended (Securities Act), and to certain non-US persons in transactions outside the US in reliance on Regulation S under the Securities Act.

The notes have not been registered under the Securities Act or any state or other jurisdiction’s securities laws.

Accordingly, the notes may not be offered or sold in the US absent registration or an applicable exemption from registration requirements under the Securities Act and any applicable state or other jurisdiction’s securities laws.

Citigroup Global Markets Inc and Wells Fargo Securities LLC are the joint global coordinators for the offering.

BofA Securities, Inc, JP Morgan Securities LLC, Mizuho Securities Asia Limited, SMBC Nikko Securities America Inc, Fifth Third Securities Inc, KeyBanc Capital Markets Inc and US Bancorp Investments Inc are the joint bookrunners.

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