It has been issued to part-finance the development of the Resorts World Las Vegas casino and integrated resort in Nevada.

In a filing with Bursa Malaysia today, Genting said the 10-year notes, due 2029, had been offered and sold in the United States (US) only to qualified institutional buyers and only to certain non-US persons in offshore transactions outside the US, in reliance on registration requirement exemptions and Regulation S under the US Securities Act of 1933.

The notes are expected to be listed on the Singapore Exchange.

It said S&P Global Ratings had assigned a preliminary issue rating of BBB+ to the notes while Fitch Ratings Ltd had assigned an expected rating of A-(EXP).

“It is contemplated that concurrently with the issuance of the notes, RWLV will enter into US$1.6 billion senior secured credit facilities, comprising a US$400 million term loan facility and a US$1.2 billion revolving credit facility,” Genting said.

The notes have not been registered under the US Securities Act or any other jurisdiction’s securities laws.

Genting said the notes would have the benefit of various funding agreements to be provided by Genting Overseas Holdings Ltd (GOHL), a direct wholly-owned subsidiary of the group, as well as a keep-well deed to be provided by the company.