NagaCorp offers to buy up to US$120mln in its 2024 notes

Cambodian casino operator NagaCorp Ltd on Friday launched a tender offer to purchase some of its outstanding 2024 senior notes from investors, up to a principal amount of US$120 million, or about 22 percent of the total amount outstanding on that issuance, according to a filing with the Hong Kong bourse.

Holders of the 7.95-percent senior notes due to mature in July 2024 are asked to submit tenders to sell, under what the firm termed a “modified Dutch auction procedure”.

The total principal amount outstanding on the senior notes is US$541.7 million. The maximum discount NagaCorp is seeking in return for activating early tender, is 22 percent: i.e., its minimum purchase price is US$880 per US$1,000 of principal amount of the 2024 notes that are validly tendered and accepted.

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