Kerzner International Limited announced Thursday that it intends to sell through a private offering $400 million of senior subordinated notes due 2015 to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and pursuant to offers and sales that occur outside the United States in accordance with Regulation S under the Securities Act.
The senior subordinated notes will not be registered under the Securities Act or under state securities laws and, unless so registered, may not be offered or sold except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws, the company said in a release.
The Company said it anticipates using the net proceeds of the offering, together with cash on hand, to finance its previously announced tender for all $400 million of its outstanding 8.875% senior subordinated notes.
