Galaxy raises $240 million from privately placed CB

The five-year bonds have a zero coupon and zero yield that provides the casino operator with cheap financing for its ongoing development on the Cotai Strip.

Casino operator Galaxy Entertainment Group has raised a total of $240 million from the sale of convertible bonds through a private placement that will enable it to finance its ongoing construction projects at zero interest cost.

The bond issue was arranged by JPMorgan and Merrill Lynch, who acted both as joint placement agents and as buyers of the bonds. Aside from the two investment banks, another four investment funds took part in the initial sale that was completed on...

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