Asian casino operator NagaCorp Limited has announced that it is hoping to raise funds to grow its VIP business and refurbish its NagaWorld complex in Cambodia by issuing approximately $300 million in senior notes bearing an annual interest rate of 9.375%.

According to a Tuesday filing with the Hong Kong Stock Exchange (pdf), NagaCorp Limited anticipates the exercise will see it bank around $290 million with Morgan Stanley and Company International and Credit Suisse (Hong Kong) Limited serving as the initial purchasers.

NagaCorp Limited declared that the notes will come due in 2021 and investors will not be able to transfer their outlay into shares. The firm, which last month began construction on the foundations for its coming 279-room Naga Vladivostok venue in Russia, moreover stated that interest is to be paid semi-annually on May 21 and November 21 although it has reserved the right to ‘adjust the plans’ on how it will spend the proceeds ‘in response to changing market conditions’.

GGRAsia reported that NagaCorp Limited holds an exclusive license to operate casinos in and around the Cambodian capital of Phnom Penh and inaugurated the first phase of its NagaWorld venue in December 2006. Since then it has opened an expansion known as Naga 2 with the two facilities being connected via the underground NagaCity Walk shopping mall complex.