Melco Crown halves coupon payments with $1 billion bond

The $1 billion bond is the biggest single-B high-yield bond out of Asia.

Melco Crown halves coupon payments with $1 billion bond
Gaming tables at Melco's Altira Macau casino

Casino company Melco Crown Entertainment tapped the dollar bond market late Tuesday with a $1 billion high-yield bond that enabled the company to halve its coupon payments.

The bonds were issued by Melco Crown Entertainment’s wholly owned subsidiary MCE Finance and the deal was the biggest single-B high-yield bond out of Asia.

The eight-year bonds, which are callable after the third year, priced to yield 5%. The proceeds will be used to...

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