melco-pbl-issues-200-million-exchangeable

Melco PBL issues $200 million exchangeable

Gaming operators Melco and PBL issue an exchangeable bond via a special purpose vehicle to fund a buyback of shares in their listed joint venture.
Melco International Development Limited and Publishing and Broadcasting Limited PBL issued a five-year $200 million exchangeable bond on Monday via sole lead manager Merrill Lynch. The transaction priced amid turbulent markets following a global equities sell-off on Thursday and Friday last week and in a difficult debt environment.

The deal priced with a 2.4% coupon and attracted $300 million in demand. Exchangeable at a premium of 40% over a share price of $12.28 the reference price starting one year from the date of issue, the offering includes a three-year put and is non-callable for three years. The transaction closed at 98.5.

The funds raised from the transaction will allow Melco International and PBL to buy...
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