According to many well-known international business media in December 2018, NagaCorp wins best high-yield bond award as the first Cambodian issuer of offshore bonds, overcoming a weak Asian high-yield market.

As related in the news, the announcement revealed the Cambodian casino operator has entered into a purchase agreement with Credit Suisse (Hong Kong) Ltd and Morgan Stanley in connection with the firm’s issuing of notes in the aggregate amount of $300 million.

The notes, maturing on May 21, 2021, will allow interest at the rate of 9.375 percent per year. The estimated net proceeds from the issuance, after deduction of fees, commissions and expenses, will amount to approximately $290 million.

The net proceeds from the Notes to promote the gaming business growth, particularly in our VIP gaming segment, and [to] refurbish the hotel rooms in Naga1, the filing reads.

In addition, Moody's Investors Service has assigned a first-time B1 rating to NagaCorp Ltd as of this year 2018.

HML has been again quoted in the FinanceAsia news:

BEST CAMBODIAN DEAL
NagaCorp's $300 million 9.375% May 2021 bond deal
joint global co-ordinators: Credit Suisse, Morgan Stanley
Legal Advisors:
Issuer: Freshfields Bruckhaus Deringer, Maples & Calder, HML Law Group
Managers: Latham & Watkins, DFDL