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LLC Lendlease Group

5.89
0.00 (0.00%)
26 May 2024 - Closed
Delayed by 20 minutes
Share Name Share Symbol Market Type
Lendlease Group ASX:LLC Australian Stock Exchange Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 5.89 6.00 5.80 0.00 22:01:42

Crown to Raise Around A$400 Million Through Subordinated Notes Offer

13/08/2012 12:37am

Dow Jones News


Lendlease (ASX:LLC)
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   By David Winning 
 

SYDNEY--Crown Ltd. (CWN.AU) said Monday it plans to raise around 400 million Australian dollars (US$422.4 million) through an issue of subordinated notes, in a move to tie up funding for casino resorts including Burswood in Perth where its planning a major expansion.

The notes issue will also give Crown flexibility to increase its near-10% stake in Echo Entertainment Group Ltd. (EGP.AU), which holds an exclusive right to run casinos in New South Wales state until 2019. Crown has applied to regulators to raise its shareholding.

Crown said its biggest shareholder, Consolidated Press Holdings Ltd. (CMJ.AU), plans to take part in the offer in respect of A$100 million of the notes.

Deutsche Bank AG (DB), UBS AG (UBS), Australia & New Zealand Banking Group Ltd. (ANZ.AU), National Australia Bank Ltd. (NAB.AU) and Westpac Banking Corp. (WBC.AU) have been appointed as joint lead managers for the issue.

Last week, Crown said it would spend A$568 million building a new hotel at its existing Burswood hotel and casino complex in Perth. The company, controlled by James Packer, last week also signed an agreement to deal exclusively with Lend Lease Corp. (LLC.AU) to build a new luxury hotel resort in Sydney.

-Write to David Winning at david.winning@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


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