Hong Kong-listed NagaCorp, operator of Cambodian integrated resort NagaWorld, said overnight it has entered into a loan agreement with its controlling shareholder Dr Chen Lip Keong for the provision of a US$80 million loan to help it pay down outstanding notes due 2024.
As reported by Inside Asian Gaming, the looming maturity of the 2024 notes has been a point of concern with Moody’s Investors Service warning last year that NagaCorp faces significant refinancing risks due to “limited sources of liquidity given its lack of bank facilities and divestible non-core assets.”
NagaCorp repurchased US$69.5 million of its notes last November, leaving around US$472 million outstanding.
