SJM Holdings prices US$200 million senior notes for Macau listing

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Macau gaming concessionaire SJM Holdings has announced an agreement with purchasers to issue senior notes worth almost US$200 million to be listed on Macaus Chongwa (Macao) Financial Asset Exchange (MOX).

The notes are to comprise HK$1.25 billion (US$161 million) 3.9% senior notes due 2026 and MOP$300 million (US$38 million) 3.9% senior notes due 2026 with around 90% of the net proceeds from the proposed offering to be used for refinancing the companys Syndicated Credit Facilities. The remainder will be used for general corporate purposes.

SJM said Thursday that it expects those proceeds to total HK$1.24 billion (US$160 million) and MOP$298 million (US$37 million) after deducting discounts and initial expenses.

Issue of the senior notes comes ahead of the impending opening of the companys HK$39 billion (US$5 billion) Cotai integrated resort, Grand Lisboa Palace. SJM confirmed this week that the property would open some operations before the end of Q2.

SJM also reported this week a loss attributable to owners of the company of HK$647 million (US$83.3 million) in Q1, widened from a loss of HK$409 million (US$52.7 million) recorded 12 months earlier due to the sustained impact of the COVID-19 pandemic.