December 24

The largest gaming company in Australia, Tabcorp Holdings Ltd., has come up with a reported $700 million in a U.S. debt sale to pay for the purchase of Tab Ltd.

The original bid of $150 million was raised by $550 million to total $700 million because of demand and is the largest U.S. private debt sale by an Australian company.

Tabcorp is based in  Melbourne, Australia.

It is being reported that the deal contains four scheduled repayment sections, each maturing after 10 to 15 years. First due, is a payment of $199.5 million in 2014, secondly, $263.5 million will be due in 2016, then $162 million will be due in 2019 and lastly, approximately $100 million due in the year 2019.

Supervising the sale was Barclays Capital, a section of Barclays Plc and UBS Investment Bank, a section of UBS AG. At press time yesterday, the stock gained 25 cents, totaling $17.39 (AUS).