SkyCity Entertainment Bought Back U.S. Private Placement Debt

Using capital raised in April, New Zealand casino and theater operator SkyCity Entertainment Group Limited has announced it bought back NZ.5 million— 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 NZ8 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 NZ7 million. The NZ.5 million buyback reduces SkyCity’s total debt by 9 percent.