Melco Crown unit seeks $265 million towards Philippine casino

Melco Crown Philippines Resorts Corp has set the price range for its fully-marketed top-up placement at Ps11 to Ps14 per share, which will allow it to raise between Ps10.79 billion and Ps13.74 billion $265 million to $337 million before any potential exercise of the overallotment option.

The company, which is the Philippine gaming unit of Macau casino operator Melco Crown Entertainment, will start bookbuilding for the deal today.

According to sources, there is enough order indications from potential anchor investors to cover the entire transaction, which may help give other investors the confidence to participate as well. The anchors are said to include strategic investors and long-only...