KUALA LUMPUR (April 23): Genting Bhd (KL:GENTING) has raised US$1.25 billion, or about RM4.96 billion, from perpetual guaranteed notes issued as part of a refinancing exercise.

GOHL Capital Holdings Ltd, the funding vehicle, priced two tranches of subordinated perpetual capital securities following its book-building process on April 22, according to Genting’s bourse filing on Thursday. The notes are guaranteed by Genting Overseas Holdings Ltd, a direct unit of Genting.

Series 1 Securities (US$750 million) carry a distribution of 7.625%, with a non-call period of 5.5 years — first call date on Oct 29, 2031. Series 2 Securities (US$500 million) carry a distribution of 8.3%, with a non-call period of 10 years — first call date on April 29, 2036.

A subordinated keepwell deed, a solvency pledge, will also be signed with Genting.

The notes, rated Ba2 by Moody’s and BB+ by Fitch Ratings, are part of its refinancing exercise to extend the group’s debt maturity profile.

Earlier this week, the group offered to buy back up to US$1.5 billion (about RM5.93 billion) of its 4.25% notes due in 2027. Proceeds from the new note issuance will go towards repaying the 2027 notes.

Shares of Genting rose three sen or 1.19% to RM2.56 at the time of writing on Thursday, valuing the group at RM9.89 billion.