The new bill offer, proposed by Nagakov, the exclusive operator of a casino complex in Cambodia's capital Phnom Penh on Monday, has $50 million more principal than initially indicated, the company said in a filing on Thursday.

The total principal amount of the note will be $350 million, up from $300 million proposed on Monday, according to a filing with the Hong Kong Stock Exchange on Thursday.

Games on the Naga World site have been suspended since April 1 following a national government order as part of national measures to prevent the local spread of the novel coronavirus, which is responsible for COVID-19 infections.

Standard & Poor's (S&P) Global Ratings said on Monday it expects new note issuance to help improve Nagakov's liquidity.

The new $350 million note is expected to mature in 2024, covering interest at 7.95% per annum.

The company said in its update that after deducting fees, fees and expenses, net revenue from senior bonds would reach about $336.9 million.

It said the proceeds would be used to repay "some or all" of its 2021 outstanding bonds, including accrued interest, and would "previously" repay other necessary payments at maturity in 2021.

The remaining money will be used for "general corporate purposes of the company and its limited subsidiaries."

The company holds a long-lived exclusive casino license that was recently extended to 2045 for the Phnom Penh region of the Cambodian capital that operates the Naga World complex.