Galaxy Sells $600 Million Bonds - Monday 12th of December 2005

MACAU – As reported by the Dow Jones: "Macau's Galaxy Casino S.A. Wednesday raised US$600 million of debt in what is only the second bond from the gaming industry in Asia outside Japan.

"The deal - also the first high-yield bond from the sector in the region - comprised a US$350 million fixed-rate portion maturing in seven years and callable after four years and a US$250 million floating-rate tranche due in five years and callable after three years.

"The fixed-rate portion was priced at par to yield 9.875%, at the tight end of revised guidance of 9.875%-10.0%.

"…The deal - increased from an originally anticipated US$500 million - had drawn US$2.25 billion in orders by late trading day in Asia Wednesday after the borrower spent over a week meeting with investors in Asia, Europe and the U.S…"

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