An effort by Malaysian casino giant Genting Group to raise some $1 billion in cash has reportedly met with success after its recent offer of guaranteed unsecured fixed-rate notes due in 2027 was met with an almost treble over-subscription rate.

According to a report from The Sun newspaper, the book-building exercise marks the Kuala Lumpur-based firm’s first foray into the international United States dollar bond market since 2004 and garnered orders from over 200 accounts with a book now worth in excess of $2.8 billion.

Genting Group, which is behind such developments as Singapore’s Resorts World Sentosa and the Resorts World At The National Exhibition Centre in the United Kingdom, reportedly stated that the issued notes are to be fully and unconditionally guaranteed by its Genting Overseas Holdings Limited subsidiary through its own GOHL Capital Limited concern.

The local newspaper reported that the notes are to be priced at 198 basis points over the ten-year United States Treasury Note and bear a fixed annual interest rate of 4.25%. They have been given a rating of BAA1 by Moody’s Investors Service Incorporated while Fitch Ratings Incorporated graded the investment with an A rating.

Genting Group reportedly stated that the net proceeds from the issue of the notes, which was coordinated by Citigroup Global Markets Limited and run together with JP Morgan Securities, DBS Bank Limited and SMBC Nikko Capital Markets Limited, are to be used for “general corporate purposes” including meeting operating expenses, capital expenditure, investment, refinancing and working capital requirements and could moreover be utilized for the development of its planned Resorts World Las Vegas project in southern Nevada.