{"id":8400,"date":"2023-10-19T00:00:00","date_gmt":"2023-10-19T00:00:00","guid":{"rendered":"https:\/\/www.mundovideo.com.co\/en\/asia\/naga-corp-another-loan-more-red-numbers\/"},"modified":"2023-10-19T00:00:00","modified_gmt":"2023-10-19T00:00:00","slug":"naga-corp-another-loan-more-red-numbers","status":"publish","type":"asia","link":"https:\/\/www.mundovideo.com.co\/en\/asia\/naga-corp-another-loan-more-red-numbers\/","title":{"rendered":"Naga corp another loan, more red numbers"},"content":{"rendered":"<p><span style=\"font-family:Times New Roman,serif\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">NagaCorp Ltd, operator of the NagaWorld complex (pictured), a casino resort monopoly in the Cambodian capital Phnom Penh, is to get a loan of &ldquo;up to US$80 million&rdquo; at 8.0-percent annual interest, from a trust controlled by the Chen&nbsp;family. The funds are to be used to address financial obligations linked to&nbsp;a series of senior notes due to mature next year.<\/span><\/span><\/span><\/p>\n<p>&ldquo;<span style=\"font-family:Times New Roman,serif\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:x-large\">No guarantee or security will be given by the group for the loan,&rdquo; NagaCorp said in a filing on Tuesday to the Hong Kong Stock Exchange.<\/span><\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.mundovideo.com.co\/assets\/international\/naga-corp-another-loan-more-red-numbers2.jpg\" style=\"width:100%\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-family:Times New Roman,serif\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">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.<\/span><\/span><\/span><\/p>\n<p><span style=\"font-family:Times New Roman,serif\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">The firm said in its Tuesday filing that <\/span><\/span><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"><em>&ldquo;the sole purpose of the loan is for refinancing and\/or discharging part of the outstanding 2024 notes upon their maturity.&rdquo; <\/em><\/span><\/span><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">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.<\/span><\/span><\/span><\/p>\n<p><span style=\"font-family:Times New Roman,serif\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">The company had already repurchased part of its 2024 notes last year, leaving around US$472.2-million outstanding.<\/span><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201cup to US$80 million\u201d at 8.0-percent annual interest, from a trust controlled by the Chen family.<\/p>\n","protected":false},"author":1,"featured_media":5876,"menu_order":228,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"inline_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[],"tags":[4276],"class_list":["post-8400","asia","type-asia","status-publish","format-standard","has-post-thumbnail","tag-up-to-us80-million-at-8-0-percent-annual-interest-from-a-trust-controlled-by-the-chen-family","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - 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