Universal Entertainment to issue new notes
Universal Entertainment plans to refinance debt maturing in December 2024.
The Philippines.- Universal Entertainment Corporation has announced that it will issue new US dollar-denominated private placement notes to refinance its US$760m overseas private placement notes, maturing in December 2024. According to a company filing, CBRE Capital Advisors will act as the sole placement agent.
Universal said: “The purpose of the refinancing is to improve the cash flow structure of the company’s group and secure liquidity by completing an early redemption of the aggregate outstanding amount of the existing notes using the proceeds from the issuance of the new notes.”
The company will announce detailed terms and conditions once they are finalised.
Universal Entertainment recorded net sales of JPY34.4bn (US$220m) for the first quarter of the year. That’s a decline of 3 per cent when compared to last year, mainly attributed to a decline in the net sales of its integrated resort business. For full-year 2023, the company posted net sales of JPY179bn (US$1.2bn), up 26 per cent year-on-year and an operating profit of JPY30.5bn (US$203m), up 152 per cent.
