NagaCorp earned significant international recognition by major international business media in December 2018 after winning the best high-yield bond, becoming the first Cambodian company to issue offshore high-yield notes during a weak Asian market. The casino operator entered a purchase agreement with Credit Suisse (Hong Kong) Ltd and Morgan Stanley for the issuance of USD 300 million in notes maturing on May 21, 2021, with an annual interest rate of 9.375%. After fees and expenses, net proceeds were estimated at about USD 290 million, designated to support growth in NagaCorp’s gaming operations, particularly its VIP segment and to renovate hotel rooms in its Naga1 property.
The same year, Moody’s Investors Service assigned NagaCorp a first-time B1 rating. FinanceAsia also highlighted the deal as the “BEST CAMBODIAN DEAL”, noting Credit Suisse and Morgan Stanley as joint global coordinators, with several prominent law firms providing legal advice.