Cains, the Isle of Man-based law and professional services group, has acted for Genting Singapore PLC, a global gaming company and one of the world’s leading integrated resorts specialists, in relation to two recent debt issues which have been listed on the Singapore Stock Exchange. The first offering of perpetual securities, which raised S$1.8 billion, was the largest ever single-tranche Singapore dollar bond deal and this was followed by a second issue of S$500 million directed at retail investors which began trading on 18 April 2012.
Genting has the biggest market capitalisation of any Isle of Man company and features in the top ten largest companies listed in Singapore. The proceeds of the two issues will be used to fund expansion into new markets.
Mike Edwards, a director of Cains and the head of the firm’s Singapore office, said:
“Cains has a long-standing relationship with Genting, having acted for the company on some noteworthy transactions including the 2005 listing in Singapore and the S$1.63 billion rights issue in 2009. Both tranches of perpetual securities were over-subscribed and appear to have been well received by investors.”