Universal Entertainment to list $600 million-worth of bonds

Universal Entertainment Corp will list $600 million-worth of notes on the bond market with effect from Tuesday morning.

The company will use the proceeds to repay its existing short-term debt and to go towards constructing and developing its Manila Bay Resorts property.

The notes will be quoted and traded in U.S. dollars and be in denominations of $250,000 and multiples of $1. The notes will yield interest of 12 percent and are due in 2020.

Deutsche Securities will be the lead manager and bookrunner of the bonds.