SJM raises US$197 million after closure of bond offering

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Grand Lisboa Palace

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Macau gaming concessionaire SJM Holdings says it has raised a total of more than US$197 million after closing the issuance of senior notes on Wednesday.

The notes 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, and will be listed on the Chongwa (Macao) Financial Asset Exchange.

SJM said Wednesday that net proceeds from the offering will amount to HK$1.24 billion (US$160 million) and MOP$298 million (US$37.3 million) respectively. Around 90% of the net proceeds will be used for refinancing the companys Syndicated Credit Facilities with the remainder to be allocated for general corporate purposes.

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 reported last 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.