KUALA LUMPUR (April 13): Genting Malaysia Bhd's (GenM) wholly-owned unit GENM Capital Labuan Ltd has priced its offering of US$1 billion of 3.88% senior unsecured notes due 2031.

In a bourse filing, GenM said the notes will be fully and unconditionally guaranteed by the group.

"The net proceeds from this offering will be used by the company and/or its subsidiaries to refinance existing borrowings and for capital (including investment) and working capital requirements," it said.

Both Standard & Poor's Ratings Services and Fitch Ratings Ltd have assigned a BBB rating to the notes.

The notes are expected to be listed and quoted on the Singapore Exchange, and listed but not quoted for trading on Bursa Malaysia under the exempt regime.

Citigroup Global Markets Singapore Pte Ltd, JP Morgan (SEA) Ltd, CIMB Bank Bhd, Labuan Offshore Branch and DBS Bank Ltd are the joint global coordinators. The notes' joint bookrunners and joint lead managers are Citigroup, JP Morgan, CIMB, Labuan Offshore Branch, DBS and BNP Paribas.

GenM said the notes have been sold in the US only to qualified institutional buyers in reliance on the exemption from the registration requirements under the US Securities Act, and to certain non-US persons in offshore transactions outside the US.

Shares in GenM closed 1.3% or four sen lower at RM3.04, valuing the group at RM18.05 billion. The counter saw 8.74 million shares done.