Imperial Pacific to raise $5.9 mln via bond offering

Saipan casino operator Imperial Pacific International Holdings Ltd. has announced it is looking to raise HK$46 million (US$5.9 million) through convertible bonds to “finance the development of Phase I of the Saipan Project and as general working capital of the group.”

Imperial Pacific made the announcement to the Hong Kong Stock Exchange on Friday, adding that the funds would “help enhance its working capital and strengthen its capital base and financial position.”

According to the company, the convertible bonds will carry an interest of 4 percent per annum, payable semi-annually on June 30 and December 31.

Unless previously redeemed, repurchased and cancelled or converted, any outstanding convertible bonds shall be redeemed at 102 percent of its principal amount on the maturity date, being June 16, 2019, said the company.