to raise $400 million - 17th March 2015
Resorts wants to raise $400 million through subordinated
to help fund developments. Source: AAP
Packer's Crown Resorts is seeking to raise around
$400 million, partly to help fund development projects
in Sydney, Perth and elsewhere.
CASINOS operator Crown will issue about $400 million
of subordinated notes to be traded on the Australian
Securities Exchange, with an initial interest rate
of four per cent to 4.2 per cent.
The issue price of each note is $100.
offer forms part of Crown's ongoing capital management
strategy, and the proceeds will be used for general
corporate purposes including financing Crown Sydney,
Crown Towers Perth and other anticipated growth projects,"
Crown chief financial officer Ken Barton said on Tuesday.
subordinated notes are due for repayment in April
2075, subject to Crown's right to redeem the notes
at any time from July 2021.
operates casino resorts in Melbourne and Perth and
is planning to develop a six-star hotel resort, including
VIP gaming facilities, at Barangaroo South in Sydney.
also plans to develop a casino resort in Las Vegas
and a five-star hotel and apartment complex on a site
adjacent to Crown Melbourne.
Crown and its consortium partner, Greenland Holdings
Group, have lodged a response to the Queensland government's
request for proposals to develop the Queens Wharf
site in Brisbane.
in Crown were eight cents higher at $13.55 at 1428