MGM China aims to raise $500 mln in rare China high-yield bond...
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By Scott Murdoch
SYDNEY, June 18 (Reuters) - Casino operator MGM China aims to raise at least $500 million via a high-yield bond deal in China, two people with direct knowledge of the matter said on Tuesday.
MGM China did not immediately respond to a request for comment.
At that size, it would be China's largest high-yield bond deal in 2024, LSEG data showed.
The proposed deal is a seven year non-call three-year bond, according to a term sheet seen by Reuters, with price guidance of 7.25% to 7.375%.
Final pricing will take place later on Tuesday, the term sheet said.
The deal is unusual as bond market issuance in China has nearly ground to a halt with the country's property market turmoil having dented investors' appetite for high yield deals.
There have been just two high yield deals in 2024, according to LSEG data, which raised a combined $340.3 million.
MGM China, the Chinese arm of U.S. gambling giant MGM Resorts International, operates in Macau, the only place in China where casino gambling is legal.
The company has benefited the most from Macau's recovery, with its gross gaming revenue share rising from 9.5% in 2019 to more than 17% this year.
It was the only operator allowed an increase in gaming table numbers under a government reallocation from January 2023, and it is adding more villas and suites to its properties. (Reporting by Scott Murdoch in Sydney; Editing by Christopher Cushing and Sonali Paul)
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SYDNEY, June 18 (Reuters) - Casino operator MGM China aims to raise at least $500 million via a high-yield bond deal in China, two people with direct knowledge of the matter said on Tuesday.
MGM China did not immediately respond to a request for comment.
At that size, it would be China's largest high-yield bond deal in 2024, LSEG data showed.
The proposed deal is a seven year non-call three-year bond, according to a term sheet seen by Reuters, with price guidance of 7.25% to 7.375%.
Final pricing will take place later on Tuesday, the term sheet said.
The deal is unusual as bond market issuance in China has nearly ground to a halt with the country's property market turmoil having dented investors' appetite for high yield deals.
There have been just two high yield deals in 2024, according to LSEG data, which raised a combined $340.3 million.
MGM China, the Chinese arm of U.S. gambling giant MGM Resorts International, operates in Macau, the only place in China where casino gambling is legal.
The company has benefited the most from Macau's recovery, with its gross gaming revenue share rising from 9.5% in 2019 to more than 17% this year.
It was the only operator allowed an increase in gaming table numbers under a government reallocation from January 2023, and it is adding more villas and suites to its properties. (Reporting by Scott Murdoch in Sydney; Editing by Christopher Cushing and Sonali Paul)
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