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Bond Market News
Resorts World Prices $400mn 7Y at 8.75%
July 20, 2023
Resorts World Las Vegas raised $400mn via a 7Y bond at a yield of 8.75%, 15bp inside initial guidance of 8.9% area. The senior unsecured bonds have expected ratings of BB+/BBB- (S&P/Fitch) and are guaranteed by certain Resorts World subsidiaries. Additionally, its parent company, Genting Berhad (rated Baa2/BBB–/BBB), has also provided a keepwell. The deal received orders over $890mn, 2.2x issue size. Asset and fund managers bought 87% of the deal, insurance and pension funds took 11%, and the rest 2%. The US took 57%, Asia Pacific 32% and EMEA 11%. Proceeds will be primarily used to repay outstanding borrowings under the existing subordinated intercompany loan. The notes have a change of control put 101. The new bonds are priced 11bp wider to its existing 4.625% 2031s that yield 8.64%.
In the chart below, we have plotted dollar bonds of casino operators globally to compare relative value including the latest Resorts World’s new issuance.
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