Melco Crown Philippine unit eyes $300 million top-up placement

Melco Crown started investor education this week for a placement in its Philippines unit to help fund the development of a casino project in Manila.

The Philippine unit of Macau casino operator Melco Crown Entertainment started investor education on Wednesday for a fully marketed top-up placement of about $300 million, a source said.

Melco Crown Philippines Resorts, which was formerly known as Manchester International Holdings, is expected to continue the investor education until the end of next week, according to the current timetable, and the management roadshow and bookbuilding will potentially kick off sometime around April 15.

The popularity of the gaming sector at the moment helped the deal to attract decent anchor demand, the source added. After the transaction, the public float of Melco Crown Philippines will increase to about 30.42%,...

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