Using capital raised in April, New Zealand casino and theater operator SkyCity Entertainment Group Limited has announced it bought back NZ$84.5 million—$53 million—of U.S. private placement debt due to mature in March 2012. “We are pleased to have achieved a significant buyback of our March 2012 USPP maturing debt,” said SkyCity CEO Nigel Morrison. “When we raised equity capital in April, we advised that the primary purpose of the equity-raising was to reduce debt, and this transaction is the first stage in that process.” The April equity capital-raising brought SkyCity NZ$228 million. The recent debt purchase was executed at a discount of 2 percent of face value. The offer was made to all holders of the USPP debt, a total of NZ$627 million. The NZ$84.5 million buyback reduces SkyCity’s total debt by 9 percent.

By GGB Staff

Staff writers for Global Gaming Business magazine. Las Vegas, Nevada.