Bloomberg News

Melco International Extends Due Date on Convertible Loan Notes

December 16, 2009

Melco International Development Ltd. (200), controlled by Lawrence Ho, son of billionaire Stanley Ho, plans to extend the due date for HK$1.2 billion ($155 million) of convertible loan notes and cut the conversion price.

The note maturity date would be pushed to Sept, 2013, from Sept, 2010, the company said in a statement to the Hong Kong stock exchange. The conversion price would be HK$3.93 a share instead of HK$9.965, it said.

“If the maturity date of the convertible loan notes is not extended before the company publishes its 2009 account, the company will have a going concern issue since its current liabilities will exceed its current assets,” it said in the statement.

The notes are held by Great Respect, which is controlled by a discretionary family trust of Stanley Ho, the company said.

To contact the editor responsible for this story: Frank Longid at flongid@bloomberg.net


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