SkyCity issues worth $90m bond offer

SkyCity

SkyCity Entertainment Group Limited has announced that it will offer 6-year, unsecured, unsubordinated, fixed-rate bonds with a maturity date of May 21, 2027, for up to NZ$125 million ($90 million). The offer will be open for business on May 10, 2021, and close on May 14, 2021. The issue date is May 21.

The company can accept oversubscriptions of up to an additional NZ$50m at SkyCity’s discretion. However, the offer is available to institutional investors and the public residing in New Zealand only. Some chosen overseas institutional investors can also avail the offer.

SkyCity stated, “There is no public pool for the offer. It is because all the bonds are for Joint Lead Managers’ clients, NZX Firms, and other approved financial intermediaries.”

Each year, interest payments are due on February 21, May 21, August 21, and November 21. The company will utilize the proceeds to pay down drawings on its bank facilities.

“SkyCity’s business risk profile is underpinned by its long-term monopoly positions in key markets, good asset quality supported by ongoing reinvestment and effective management,” according to S&P Global Ratings. “We consider SkyCity’s Auckland casino to be the highest-quality asset in the company’s portfolio and also a key driver of the company’s success.”

SkyCity expects to have a strong recovery in earnings for the fiscal year 2021. It ends on June 30, 2021, with a prediction of 75 percent of fiscal 2019 levels. Revenues will also near-normalize in the fiscal year 2022.

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Nassima Azmzm

Nassima Azmzm

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