Galaxy offers bondholders an exit with $350m tender offer

Galaxy Entertainment, the troubled Macau casino operator, is looking to take advantage of depressed debt markets to buy back its outstanding high yield bonds at a steep discount to face value.

  • 02 Dec 2008
Galaxy launched a tender offer for its outstanding high yield bonds on Tuesday in a deal arranged by Merrill Lynch. It is offering to buy back any or all of its $250m floating rate notes due 2010 at 53 cents on the dollar, and up to $100m of ...

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1 Bank of America Merrill Lynch (BAML) 6,665 23 13.02
2 Citi 5,781 17 11.29
3 BNP Paribas 3,530 14 6.89
4 Barclays 2,853 9 5.57
5 Credit Suisse 2,783 8 5.44

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3 Wells Fargo Securities 72,661.39 222 9.63%
4 JPMorgan 52,367.24 169 6.94%
5 Credit Suisse 41,885.89 127 5.55%