NagaCorp Ltd, operator of the NagaWorld complex (pictured), a casino resort monopoly in the Cambodian capital Phnom Penh, is to get a loan of “up to US$80 million” at 8.0-percent annual interest, from a trust controlled by the Chen family. The funds are to be used to address financial obligations linked to a series of senior notes due to mature next year.
“No guarantee or security will be given by the group for the loan,” NagaCorp said in a filing on Tuesday to the Hong Kong Stock Exchange.
The lender is ChenLipKeong Capital Ltd, a private limited company incorporated in the Cayman Islands. It is wholly-owned by The Sakai Trust, a discretionary family trust established by Chen Lip Keong as settlor for the benefit of himself and his family.
The firm said in its Tuesday filing that “the sole purpose of the loan is for refinancing and/or discharging part of the outstanding 2024 notes upon their maturity.” The latter was a reference to two groups of 7.95-percent senior notes of an aggregate principal amount of US$550 million, maturing on July 6 2024. They were issued by NagaCorp in July 2020 and June 2021 respectively.
The company had already repurchased part of its 2024 notes last year, leaving around US$472.2-million outstanding.
