Macau casino operator Galaxy to buy back bonds

Macau Gambling operator Galaxy Entertainment Group Ltd<27> announced its unit Galaxy Entertainment Finance Co Ltd has commenced tender offers to buy back US$350 million worth of bonds.

The company said in a statement released on Monday that it is offering to purchase for cash the floating rate notes worth up to US$250 million due 2010, and the fixed rate notes worth up to US$100 million due 2012. The purchase price is US$530 per US$1,000 in face value for the floating rate notes and US$375-450 per US$1,000 face value for the fixed rate notes under the modified Dutch Auction procedure.

In November, the company delayed the planned opening of its flagship casino on the Cotai Strip from 2009 to 2010 due to the global slowdown and weaker local market conditions.