Shares in gambling and entertainment giant Tabcorp Holdings Limited (ASX: TAH) are down 1.2% to $4.34 at the time of writing after with the 12-month share price graph indicating a decent amount of volatility for the stock.
Tabcorp today announced it would issue US$1.4 billion in long term notes to US private placement investors to complete the refinancing of its Tatts acquisition facility.
The notes comprise four US dollar denominated tranches totalling US $1,250 million and two Australian dollar denominated tranches totalling AU$195 million.
The proceeds of the notes will be used to fully repay the $1.8 billion bridge finance Tabcorp put in place to combine with Tatts group and repay existing bank debt and will be issued in June.
The Notes are a final step in the $4.7 billion acquisition by Tabcorp of lottery operator Tatts Group in December.
Tabcorp CFO Damien Johnston said the successful debt raising was a "positive endorsement" of Tabcorp by investors in the US private placement market and has "extended Tabcorp's debt maturity profile".
