PBL/Melco Joint Venture to Issue up to US$250 Million of Exchangeable Bonds to Fund Purchase Program for MPEL ADSs.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Melco PBL PBL Problem-Based Learning PBL Phi Beta Lambda PBL Performance Based Logistics PBL Planetary Boundary Layer PBL Publishing and Broadcasting Limited (Australia) PBL Philippine Basketball League PBL Peripheral Blood Leukocyte Entertainment (Macau) Limited (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : MPEL MPEL Melco PBL Entertainment Ltd. (stock symbol) MPEL Mega Pixel ) announced today that its founding shareholders Publishing and Broadcasting Limited Publishing and Broadcasting Limited, or PBL, is one of Australia's major media companies. It is headquartered in Sydney, Australia. Australia's richest man, James Packer, son of the late Kerry Packer, is its majority shareholder, through his company Consolidated Press ("PBL") and Melco International Development Limited ("Melco") have formed a 50:50 special purpose vehicle ("SPV SPV sheeppox virus. ") for the principal purpose of issuing exchangeable bonds ("Exchangeable Bonds") with an aggregate principal amount of US$200 million plus up to an additional US$50 million issuable pursuant to an over-allotment option. The announcement was issued pursuant to Rule 135c under the Securities Act of 1933, as amended. The SPV intends to use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the issue of the Exchangeable Bonds to fund a share purchase program for the purchase of American Depositary Shares ("ADSs") of MPEL, each of which represents three ordinary shares of MPEL. Under the stock purchase program, purchases of MPEL ADS's may be made by the SPV in an amount up to the net proceeds of the Exchangeable Bond offering in the open market and negotiated purchases over a period of up to the five year term of the Exchangeable Bonds. These repurchases will be made in compliance with the U.S. SEC's Rule 10b-18, subject to market conditions, applicable legal requirements and other factors. This program will not obligate obligate /ob·li·gate/ (ob´li-gat) pertaining to or characterized by the ability to survive only in a particular environment or to assume only a particular role, as an obligate anaerobe. the SPV to acquire any particular amount of ADS's and the program may be suspended or terminated at any time at the SPV's discretion. Securities purchased will be used to provide ADS's deliverable on exercise of the exchange rights conferred by the Exchangeable Bonds. The issue date of the Exchangeable Bonds is expected to be on or about August 30, 2007. The Exchangeable Bonds will mature in 2012 and will be exchangeable into ADSs of MPEL from one year after their issue date at an initial exchange price of US$17.19 per ADS, subject to certain adjustments. The Exchangeable Bonds will be offered and sold to institutional investors outside the United States pursuant to Regulation S of the U.S. Securities Act of 1933, as amended. The Exchangeable Bonds will not be issued or guaranteed by MPEL and no proceeds from the issuance of the Exchangeable Bonds or from any purchases of ADSs by the SPV will be received by MPEL. About Melco PBL Entertainment (Macau) Limited Melco PBL Entertainment ("MPEL") is a developer, owner and through its subsidiary, Melco PBL Gaming (Macau) Limited, an operator of casino gaming and entertainment casino resort facilities focused exclusively on the Macau market. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. All information provided in this press release is as of the date of this release, and MPEL undertakes no duty to update such information, except as required under applicable law. The Exchangeable Bonds referred to herein have not been and will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. |
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