HK shares of Cambodian casino operator NagaCorp fall on note issue plan

NagaCorp

22/06/2020 07:40

** Shares of Cambodian casino and hotel resort operator
NagaCorp Ltd  3918.HK  fall as much as 3.4% to HK$9.10, their
lowest since May 29
    ** Stock on track for fourth day of declines
    ** Co proposes an international offering of notes to
investors in Asia and Europe, raising capital to redeem all its
outstanding 2021 Notes and for corporate purposes  urn:newsml:reuters.com:*:nFWN2DX065
    ** Says the amount, terms and conditions of the notes issue
are yet to be determined, and it has appointed Credit Suisse,
Morgan Stanley and UBS as the joint global coordinators,
bookrunners and lead managers of the issue
    ** S&P Global Ratings says Naga's strong cash balance of
$473 million as end March 2020 can support business for more
than two years, even assuming zero revenue and minimum capital
expenditure with dominant position in Cambodian gaming industry
    ** As of last close, stock has fallen 30.7% this year
    ** Cambodia's Phnom Penh-based Nagacorp has underperformed
the Hang Seng Commerce & Industry Index sector  .HSNC  by 2.7
percentage points in the past one month
    ** The Hong Kong benchmark index  .HSI  falls 1%

 ((Reuters Messaging:
donny.kwok.thomsonreuters.com@reuters.net))