Melco Resorts and Entertainment (Philippines) Corp. on Monday said it is redeeming P6 billion worth of debt notes.
Melco said in a disclosure to the Philippine Stock Exchange its board approved the redemption of up to P6 billion in a total principal amount of the outstanding P7.5 billion 5 percent fixed-rate corporate secured notes issued by Melco Resorts Leisure Corp. on January 24, 2014.
“The source of funds for the Philippine notes redemption would be entirely from Melco’s Leisure’s cash-on-hand,” Melco said.
“Upon receipt by the facility agent for the Philippine notes of Melco Leisure’s redemption notice shall be irrevocable,” it added.
Philippine National Bank-Trust Banking Group was tapped as facility agent for the Philippine note redemption.
Melco reported a net income of P531.9 million in the first quarter of 2018, up 258 percent from P148.5 million year-on-year.
First-quarter operating revenues declined 7 percent to P7.35 billion from P7.8 billion as casino revenues fell 20 percent to P5.83 billion.
Melco operates City of Dreams Manila, an integrated casino resort on a 6.32-hectare property at the government-sponsored Entertainment City in Parañaque City.
City of Dreams Manila as of end-March had around 299 gaming tables, 1,680 slot machines and 207 electronic table games in operation.
It also operates the 260-room Nüwa Hotel Hyatt City of Dreams Manila, a 365-room hotel managed by Hyatt International Corp., and Asia’s first Nobu Hotel with 321 rooms.