NagaCorp issues bonds on HK bourse

NagaCorp, which operates the NagaWorld casino and hotel in Phnom Penh, has become the first Cambodian issue of offshore bonds, raising $300mn to endorse further growth of its gaming business and to refurbish hotel rooms, according to its filing in the Hong Kong Stock Exchange on Tuesday. The notes, maturing on May 21, 2021, has a coupon rate of 9.375% per annum and was priced at 99.362% of the face value to yield 9.625%. The bond is rated B1 by Moody’s, which is one notch higher than the sovereign rating of Cambodia, where nearly all of NagaCorp’s business operate. (Source: Phnom Penh Post, www.financeasia.com)