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Tabcorp looking to raise US$289 million through US private placements

Newsdesk by Newsdesk
Fri 2 Dec 2022 at 10:15
US media giant Fox Corp said to be eyeing racing and wagering arm of Australia’s Tabcorp
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Australian racing and wagering firm Tabcorp has revealed it will look to raise US$289 million via the issuance of long-term debt to investors in the US private placement market.

The debt will be accrued via two US dollar denominated tranches of Notes with a weighted average coupon of 7.75%, which when converted back to Australian dollars will rake in AU$425 million.

The Notes will comprise a tranche maturing in seven years equivalent to AU$249 million (US$169 million) and another maturing in 10 years equivalent to AU$176 million (US$120 million).

Scheduled to settle in March 2023, the proceeds will be used for general corporate purposes, the repayment of existing indebtedness and to fund growth options consistent with Tabcorp’s strategy since demerger, the company explained.

“This successful debt raising is a positive endorsement of the strategy and execution of new Tabcorp post demerger by investors in the US private placement market,” said Tabcorp’s Chief Financial Officer, Daniel Renshaw.

“This is a testament to our focus on financial strength as we diversify funding sources and extend our debt maturity profile. It will provide us with flexibility to pursue growth and further progress our transformation strategy.”

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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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