Genting Malaysia, the renowned global leisure and hospitality company, has announced that it intends to raise 112 million dollars (500 million Malaysian Ringgit) to finance the redevelopment of the integrated resorts that it operates.
The company issued medium term notes through one of its subsidiaries last week and announced the event through a filing with the Malaysian stock exchange. This is part of a larger program which has notes worth 5 billion Malaysian Ringgit in total.
The notes will be issued in three tranches, the first of them will reach maturity in five years, the second in seven years and the third in ten years. This is the third issuance made by GenM Capital, the respective subsidiary of Genting Malaysia, under the medium-term notes program.
The proceeds from these notes will be used by the casino operator to fund operating expenses but also for financing “the development and/or redevelopment of the properties of Genting Malaysia”, the company explained in the filing. One of the targets of these investments will most likely be the company’s integrated resorts located in Genting Highlands, Pahang.
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