The new bill offer, proposed by Nagakov, the exclusive operator of a casino complex in Cambodia's capital Phnom Penh on Monday, has $50 million more principal than initially indicated, the company said in a filing on Thursday.
The total principal amount of the note will be $350 million, up from $300 million proposed on Monday, according to a filing with the Hong Kong Stock Exchange on Thursday.
Games on the Naga World site have been suspended since April 1 following a national government order as part of national measures to prevent the local spread of the novel coronavirus, which is responsible for COVID-19 infections.
Standard & Poor's (S&P) Global Ratings said on Monday it expects new note issuance to help improve Nagakov's liquidity.
The new $350 million note is expected to mature in 2024, covering interest at 7.95% per annum.
The company said in its update that after deducting fees, fees and expenses, net revenue from senior bonds would reach about $336.9 million.
It said the proceeds would be used to repay "some or all" of its 2021 outstanding bonds, including accrued interest, and would "previously" repay other necessary payments at maturity in 2021.
The remaining money will be used for "general corporate purposes of the company and its limited subsidiaries."
The company holds a long-lived exclusive casino license that was recently extended to 2045 for the Phnom Penh region of the Cambodian capital that operates the Naga World complex.
In a release on Thursday, the company said it had received approval in principle for listing and quoting the securities trading portion of the Singapore Stock Exchange.
"The list of banknotes has not been or will not be searched in Hong Kong," the statement added.
The filing confirmed that a special purpose vehicle 100% owned by Chen Lip Keong, Nagakov's chief executive, had signed up for a total principal amount of $45 million on the new note. Under Hong Kong exchange rules, the company is considered a "connected person" in relation to Nagakov.
The guarantors of the bill are Naga Inc. (HK), Naga World Inc., Naga Citywalk Inc., Naga 2 Land Inc., and Naga 3, Inc.
The purchase agreement of the Notes has been entered into with Credit Suisse (Hong Kong) Limited, UBS AG Hong Kong Branch and Morgan Stanley & Co International Plc.
The protocols attached to this note include limiting the capabilities of Naga Corp and its limited subsidiaries: "extra debt accrual or guarantee," the sale of assets, the conclusion of transactions with shareholders or affiliates, or the "integration or merger effect."
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