Genting Malaysia to raise RM5 bln financing

Genting Malaysia Bhd, the sole licensed casino operator in Malaysia, is seeking to raise RM5 billion ($1.57 billion) through the sale of medium-term notes to fund capital expenditure and the development of properties and resorts, including those in Genting Highlands.The company said on Monday that the Securities Commission had approved the medium- term note (MTN) programme, which has been assigned an initial long-term rating of AAA(s) by RAM Rating Services Bhd. CIMB Investment Bank and Maybank Investment Bank Bhd have been appointed as the joint principal advisers and joint lead arrangers for the notes, which will have a life of 20 years. Gearing would increase from 0.10 times to 0.30 times.Genting has an ambitious expansion plan, which includes revamping its Resorts World Genting property in Malaysia, as well as pursuing new resort opportunities in the U.S., Japan and South Korea.

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