New York-listed Melco Crown Entertainment, which operates casinos and entertainment resorts in Macau, has sold $600 million of new eight-year high-yield notes. The deal priced on Wednesday through MCE Finance, which is a wholly owned subsidiary of Melco Crown.
The Reg-S144A bonds carry a 10.25% coupon and were re-offered at 98.671 to yield a slightly wider 10.5%. This is equivalent to a spread of Treasuries plus 727bp. The maturity date has been set for May 15, 2018, but the bonds are callable after four years.
The offer was made in the US and therefore the arrangers managed the deal between their respective US high-yield desks and Asia. Deutsche Bank was lead-left bookrunner on...
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