NagaCorp completes US$200 million additional notes issue

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Cambodian integrated resort operator NagaCorp says it has successfully completed the issue of US$200 million of additional notes announced last week.

The US$200 million 7.95% senior notes due 2024 are seen as an important fund-raising exercise for the company in order to boost liquidity during Cambodias long battle to contain an outbreak of COVID-19, with the companys Phnom Penh integrated resort NagaWorld having now been closed for three-and-a-half months.

Specifically, NagaCorp said the additional notes were to raise additional capital to strengthen the groups working capital and for other general corporate purposes of the Company and its Restricted Subsidiaries.

Net proceeds from the additional notes Issue after deduction of fees, commissions and expenses would amount to approximately US$211,553,500, the company stated last week.

NagaCorp also confirmed last week that it was embarking on substantial staff cuts in an effort to preserve funds during its closure period.