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Tabcorp
rallies $700 million
in US debt
sale
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 t he
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).
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