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GC Asia
Melco’s latest bond covers dual redemptions
Melco Crown Entertainment priced a $1bn eight year non-call three bond on Wednesday, helping the company finance a tender offer for another dollar deal as well as repay a maturing renminbi note.
The company’s bookrunners priced the February 2021 deal at par to yield 5%. It proved a relatively easy sell: after the deluge of Chinese property supply high yield investors are eager for diversification, and many were familiar with Melco after a recent Studio City deal, said a banker
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