SJM Holdings issues worth $160.9m and $37.5m in senior notes

SJM Holdings

SJM Holdings signed a purchase agreement for HK$1.25 billion ($160.9 million) in 3.9 percent senior notes and another for MOP300 million ($37.5 million) in 3.9 percent senior notes. Both offerings have a May 12 issue date and a 2026 due date.

After expenses, the company expects net proceeds from the notes to be around HK$1.24 billion and MOP298 million. On Wednesday, the company made the notes available to professional investors.

“The company intends to use roughly 90% of the net proceeds from the proposed offering to refinance the Syndicated Credit Facilities and the balance for general corporate purposes,” according to the statement. The notes will be listed on Macau’s bond market, MOX, and the company has already received market approval. The first payment of interest is due on November 12.

SJM recently reported a HK$647 million loss attributable to the owners for the first quarter of 2021, up 58 percent year over year. Despite the losses caused by the temporary closures that casinos continue to face, gambling revenue fell by 33%. SJM is optimistic in its idea of opening the Grand Lisboa Palace this summer. Guests will have access to more than 300 gaming tables.

 

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Nassima Azmzm

Nassima Azmzm

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