Melco Crown Philippines sets pricing for follow-on offer

Posted at 04/24/13 11:45 AM

MANILA - Melco Crown (Philippines) Resorts Corp., the local unit of Macau-based Melco Crown Entertainment, has set an offer price of 14 pesos per share, at the top of an indicative range, to raise more than $370 million from a follow-on share sale, an underwriter said on Wednesday.

Melco Crown is selling a total of around 1.10 billion shares, including the overallotment option, during the offer, UBS said. The offer price reflects a discount of more than 10 percent to the stock's closing price of P15.66 apiece on Tuesday.

The company's parent Melco Crown Entertainment, run by Australian billionaire James Packer and the son of Macau gambling tycoon Stanley Ho, has signed a deal with Philippine leisure firm Belle Corp. to develop and operate a $1 billion casino resort set to open in mid-2014 in the Entertainment City complex along Manila Bay.

UBS managed the offer with Citigroup.