SJM to issue US dollar senior notes for refinancing

SJM (0880) said its unit is planning to issue US-dollar-denominated senior notes for refinancing.

The aggregate principal amount and certain terms and conditions of the notes have not been determined, the Macau gaming giant said in a filing on Monday. 

If the notes are issued, the company intends to use the net proceeds for refinancing existing indebtedness and general corporate purposes, the filing said. 

The board believes that there would be a “significant benefit” to the company in effecting the proposed issuance and using the net proceeds for the intended purpose as it would extend the maturity profile of the group’s indebtedness, and enhance the group’s financial flexibility.