The company also keeps the ability to accept oversubscriptions of up to an additional NZ$50m at SkyCity’s discretion. The offer is available to institutional investors and members of the public who are resident in New Zealand and to certain overseas institutional investors only.

“There is no public pool for the offer,” said SkyCity. “With all of the bonds being reserved for clients of the Joint Lead Managers, NZX Firms and other approved financial intermediaries.” 

Interest payment dates are set for 21 February, 21 May, 21 August and 21 November each year. The company will use the proceeds to pay down drawings on its bank facilities.

S&P Global Ratings assigned a BBB- long-term issue rating to the bonds that are being offered. “SkyCity's long-term monopoly positions in its key markets, good asset quality supported by ongoing reinvestment and effective management, and earnings resilience through traditional economic cycles underpin its business risk profile,” said S&P Global Ratings. “We view SkyCity's Auckland casino to be the highest quality asset in its portfolio and a key driver of the group's performance.”

The firm expects a solid recovery in earnings from SkyCity for the fiscal year 2021 that ends on 30 June 2021, with the prediction of 75% of fiscal 2019 levels. The fiscal year 2022 is predicted to have near-normalised earnings.