Tabcorp raises $212.90m via notes in USPP market

Tabcorp Holdings (ASX: TAH) has refinanced $450 million of debt due to mature in 2013.

The gaming firm raised $US220 million ($AU212.90 million) by issuing notes in the United States private placement (USPP) market, adding to a recent $250 million notes offer.

It refinanced $400 million of its existing syndicated bank facility with the maturity date extended from June 2013 to June 2015.

“The proceeds from these transactions have been used to refinance the $450 million 12-month bank facility, which was put in place following the decision of the Victorian government to award the new Victorian wagering and betting licence to Tabcorp,” the company said in a statement.

Tabcorp chief financial officer Damien Johnston said the successful debt raising is an endorsement of Tabcorp by investors in the USPP market.

“The USPP transaction coupled with the refinancing of A$400 million of existing bank facilities has extended Tabcorp’s debt maturity profile,” Johnston said.

“The company’s sources of funding are now diversified across bank facilities, retail bonds, institutional bonds and the USPP market,” he said.


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