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Market Daily Report: Bursa Malaysia Ends Nearly Flat As Construction Stocks Attract Buying

 KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
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Genting Malaysia's Subsidiaries Price $525 Million Senior Notes Offering

Genting Malaysia Bhd’s indirect wholly-owned subsidiaries, Genting New York LLC (Genny) and its unit Genny Capital Inc, have priced a $525 million offering of 7.25% senior unsecured notes due in 2029. The offering aims to refinance existing debt.

Key Takeaways:

  1. Purpose of the Notes Offering: The issuance by Genny is intended to refinance current indebtedness. Concurrently, Genny plans to enter a new senior secured credit facility that includes a $775 million delayed draw term loan facility and a $150 million revolving credit facility.

  2. Exchange and Ratings: The notes have received approval in principle for listing on the Singapore Exchange Securities Trading Ltd. S&P Global Ratings assigned a BB+ (stable) rating, while Fitch Ratings Ltd rated the notes BBB- (negative).

  3. Targeted Buyers and Legal Compliance: The notes are offered only to qualified institutional buyers under the exemption from registration requirements of the US Securities Act of 1933 and to certain non-US persons under Regulation S of the Securities Act. The notes are not registered under the Securities Act, meaning they cannot be sold in the US without registration or an applicable exemption.

  4. Coordinators and Bookrunners: Citigroup Global Markets Inc and Wells Fargo Securities LLC are the joint global coordinators for the offering. The joint bookrunners include BofA Securities, Inc, JP Morgan Securities LLC, Mizuho Securities Asia Limited, SMBC Nikko Securities America Inc, Fifth Third Securities Inc, KeyBanc Capital Markets Inc, and US Bancorp Investments Inc.

This refinancing effort aligns with Genting Malaysia’s strategy to optimize its capital structure while managing its financial liabilities effectively.

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