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TABCORP RAISES A$ 250 MILLION
22nd March, 2012 at 04:09:44
Subordinated Notes offer a success - funds will be used to pay down corporate debt
Australian gambling group Tabcorp Holdings Limited has announced that its offer of Tabcorp Subordinated Notes has been a success, raising A$ 250 million.
A$200 million of the notes were allocated to institutional investors and brokers and a further A$50 million was raised from holders of Tabcorp ordinary shares and Tabcorp Bonds, and other investors.
Tabcorp's managing director and chief executive, David Attenborough, said: We are pleased with the positive response to the offer [which] attracted significant interest from new and existing investors.
The proceeds from the offer will be used for general corporate purposes (including the repayment of existing financial indebtedness). The notes will mature on 22 March 2037, unless redeemed earlier, and will provide investors with quarterly interest payments calculated on a quarterly basis as a fixed margin of 4% p.a. over the 3 month Bank Bill Rate.
The interest rate for the first interest period ending on 22 June 2012 is 8.44% pa.
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