{"id":7606,"date":"2024-07-25T05:57:43","date_gmt":"2024-07-25T05:57:43","guid":{"rendered":"https:\/\/slategray-wallaby-310340.hostingersite.com\/index.php\/2024\/07\/25\/universal-entertainment-secures-800-million-for-note-redemption\/"},"modified":"2024-07-25T05:57:43","modified_gmt":"2024-07-25T05:57:43","slug":"universal-entertainment-secures-800-million-for-note-redemption","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2024\/07\/25\/universal-entertainment-secures-800-million-for-note-redemption\/","title":{"rendered":"Universal Entertainment Secures $800 Million for Note Redemption"},"content":{"rendered":"<div>\n<p>The Japanese company Universal Entertainment Corp., which owns the <a href=\"https:\/\/igaming.org\/casino-news\/supreme-court-ends-okada-manila-ownership-dispute\/\">Okada Manila casino resort<\/a>, has raised $800 million to pay down its current notes that mature in December 2024. This calculated action maintains the company\u2019s continuous operations and guarantees its financial stability.<\/p>\n<p>Universal Entertainment revealed plans to issue additional notes on July 26 through an international private placement in an announcement on Wednesday. These $400 million notes will maturity on August 1, 2029, with an annual interest rate of 9.875%. Furthermore, a further $400 million was obtained via a loan brokered by Okada Manila\u2019s main promoter, Tiger Resort, Leisure and Entertainment Inc.<\/p>\n<p>Universal Entertainment\u2019s refinancing strategy considered various factors, including the repayment plans for each borrowing entity, the tax implications on interest expenses, and the diversification of lenders and repayment dates. This comprehensive approach aims to maintain financial health and ensure timely repayments.<\/p>\n<h2>Fitch Ratings and Financial Health<\/h2>\n<p>On Monday, Fitch Ratings Inc assigned a preliminary rating of \u2018B-\u2019 to Universal Entertainment\u2019s new notes. The rating agency emphasized that the final rating would depend on receiving final documents confirming the new funds raised will fully redeem the notes maturing in December 2024.<\/p>\n<p>Fitch also highlighted that Universal Entertainment\u2019s credit profile remains constrained due to its limited operating scale, noting that \u201cover half\u201d of the group\u2019s EBITDA comes from its casino resort operations in the Philippines.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/7-bit-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n\t\t<amp-img alt=\"7Bit Casino\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/7BitCasino.png.webp\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative py-10\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/7-bit-casino\/\" title=\"7Bit Casino\" target=\"_blank\" rel=\"nofollow noopener\">7Bit Casino<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong>177% up to 5BTC + 77 <strong>\u00a0Free Spins<\/strong>!<\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Exclusive Welcome Bonus of 177% + 77 Free Spins\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/igaming.org\/site\/7-bit-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Despite these constraints, Universal Entertainment\u2019s strategic refinancing reflects a proactive approach to managing its debt and ensuring long-term financial stability. The successful issuance of new notes and securing of additional funds demonstrate the company\u2019s commitment to maintaining its operational and financial health.<\/p>\n<p>The post <a href=\"https:\/\/igaming.org\/casino-news\/universal-entertainment-secures-800-million-for-note-redemption\/\">Universal Entertainment Secures $800 Million for Note Redemption<\/a> appeared first on <a href=\"https:\/\/igaming.org\/\">iGaming.org<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Japanese company Universal Entertainment Corp., which owns the Okada Manila casino resort, has raised $800 million to pay down its current notes that mature in December 2024. This calculated action maintains the company\u2019s continuous operations and guarantees its financial stability. Universal Entertainment revealed plans to issue additional notes on July 26 through an international [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-7606","post","type-post","status-publish","format-standard","hentry"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/7606","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/comments?post=7606"}],"version-history":[{"count":0,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/7606\/revisions"}],"wp:attachment":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/media?parent=7606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/categories?post=7606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/tags?post=7606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}