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Price Talk Emerges On Macau Galaxy Casino 2-Part USD Bond



Printer Friendly VersionPost a CommentTell a Friend about this Article06 December 2005
As reported by: Yahoo
Price talk on the US$500 million two-tranche bond from Macau's Galaxy Casino is for a yield in the 10% area for the seven-year fixed-rate bond, not callable for the first four years, and around 500 basis points over the London interbank offered rate for the five-year floating-rate note callable after three years, people familiar with the deal said Tuesday.

Galaxy Casino, owned by Hong Kong's K Wah Construction Corp. (0027.HK), could price the bond as early as Wednesday, the people said.

The size of each tranche has yet to be determined.

Merrill Lynch and Morgan Stanley are the lead managers of the deal.

The deal will be the second from the gaming sector in Asia with only Malaysia's Genting Bhd. having bonds outstanding. It will be the first Asian high-yield bond from that industry.

Roadshows for the deal wrap up Tuesday in the U.S., where the bond is being heavily marketed. U.S. investors are reckoned to be much more familiar than their Asian and European counterparts with the gaming sector's growth story.


Article By: Yahoo

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