NagaCorp Ltd, operator of a large casino resort in Cambodia, is proposing an international offering of notes to “investors in Asia and Europe” against the backdrop of a pause in its gaming operations amid the Covid-19 pandemic. The net proceeds would be used to redeem “some or all” of the group’s outstanding notes due in 2021; with anything left over going toward general corporate purposes, according to a Monday filing to the Hong Kong Stock Exchange.
After the exercise the firm thinks it would have approximately 18 months of operational liquidity, even if it remained in a “minimal revenue” business environment.
The group owns and runs the NagaWorld casino complex (pictured) in Phnom Penh, the capital of Cambodia. Gaming at the site has been suspended since April 1 on the orders of the national government, as part of measures to prevent the spread locally of the novel coronavirus responsible for Covid-19 infection.