Tabcorp secures US $1.4 billion debt note assisting its enlarged capacity

Issuing a market update, Australia ASX-listed Tabcorp Holdings has confirmed that it has secured a US $1.4 billion long-term debt note from US private investors.

The debt bond financing will be used to assist Tabcorp’s enlarged operations having secured its merger with Tatts Group (approved December 2017).

Tabcorp governance details that the debt note will comprise four US $ denominated tranches, totalling US$1,250 million, combined with a further two Australian tranches, totalling AUS $195 million (US$150 million).

Tabcorp expects the debt-note to be issued in June 2018 (subject to US marketplace conditions), with the bond carrying an 18-year capacity.

The ASX enterprise will use the proceeds of its US $ debt bond financing to fully repay its existing ‘AUS $1.8 billion bridge facility’, which the company had put in-place to fund its Tatts Group merger and to restructure its long-term debt holdings.

Updating investors and stakeholders, Tabcorp’s Chief Financial Officer, Damien Johnston said: “The successful debt raising is a positive endorsement of Tabcorp by investors in the US private placement market and has extended Tabcorp’s debt maturity profile.”

In a further update, Tabcorp has disclosed the appointments of Chris Murphy and Michael Scott as Company Secretary.

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