{"id":777000685,"date":"2022-12-02T14:00:48","date_gmt":"2022-12-02T17:00:48","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777000685"},"modified":"2026-04-23T02:23:31","modified_gmt":"2026-04-23T05:23:31","slug":"tabcorp-prices-us289m-notes-on-private-us-market","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/tabcorp-prices-us289m-notes-on-private-us-market","title":{"rendered":"Tabcorp prices US$289m notes on private US market"},"content":{"rendered":"\n<p>Proceeds from the notes will be used for general corporate purposes, debt repayment, and funding growth options.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Australia.- Tabcorp has announced the diversification of its funding sources through\u00a0the successful pricing of a new <strong>AU$425m (US$289m)<\/strong> issue of long-term debt\u00a0to investors in the US private placement market. The debt is divided into\u00a0<strong>two tranches <\/strong>with a weighted average coupon of 7.75 per cent. Equivalent to AU$249m and AU$176m, the maturity dates of seven and 10 years respectively.<\/p>\n\n\n\n<p>The notes are scheduled to settle in March 2023, subject to customary conditions.\u00a0\u00a0In accordance with\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/nsw-supreme-court-gives-final-ok-to-tabcorp-spin-off-plan\" target=\"_blank\">Tabcorp&#8217;s strategy since demerger<\/a>, proceeds from the notes will be used for general corporate purposes, debt repayment, and growth options.\u00a0 \u00a0<\/p>\n\n\n\n<p><strong>Daniel Renshaw<\/strong>, Tabocorp&#8217;s Chief Financial Officer, said: \u201cThis successful debt raising is a positive endorsement of the strategy and execution of new Tabcorp post demerger by investors in the USPP market.&nbsp;<\/p>\n\n\n\n<p>&#8220;This is a testament to our focus on financial strength as we diversify funding sources and extend our debt maturity profile. It will provide us with the flexibility to pursue growth and further progress our transformation strategy.&#8221;<\/p>\n\n\n\n<p><a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/tabcorp-revenue-up-18-7-in-first-quarter-of-fiscal-year\" target=\"_blank\">Tabcorp<\/a>&#8216;s first-quarter revenue was\u00a0<strong>up 18.7 per cent when compared to last year<\/strong>. Gaming and media revenue grew 14.2 per cent year-on-year, with the\u00a0<strong>digital share<\/strong>\u00a0rising from 23.9 per cent to 24.7 per cent. Revenue in the same quarter last year had been impacted by Covid-19 restrictions.<\/p>\n\n\n\n<p>Gaming services revenue rose 91.7 per cent in the first quarter, although Tabcorp said this was primarily due to the pandemic-related venue closures in the same period last year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Proceeds from the notes will be used for general corporate purposes, debt repayment, and funding growth options.<\/p>\n","protected":false},"author":176,"featured_media":20369,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Tabcorp has successfully priced a new AU$425m long-term debt issue in the US private placement market, diversifying its funding sources and extending its debt maturity profile. The proceeds will be allocated to general corporate purposes, debt repayment, and funding strategic growth options, reinforcing the company's post-demerger financial strength. This move is seen as an endorsement of Tabcorp's strategy by investors, providing flexibility for future transformation initiatives.","focusai_entities":"Tabcorp, Daniel Renshaw","focusai_location":"Australia, US","focusai_target_profile":"ceo_executive (0.9), operator_casino (0.7), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Debt Structure Impact","query":"How will the weighted average coupon of 7.75% and the 7- and 10-year maturity tranches impact Tabcorp's cost of capital and future financial flexibility, particularly in a rising interest rate environment?"},{"label":"Growth Strategy Funding","query":"What specific growth options or strategic initiatives is Tabcorp prioritizing with this AU$425m funding, and how do these align with its post-demerger market positioning and competitive strategy?"}],"footnotes":""},"categories":[16336,157],"tags":[13716],"class_list":["post-777000685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","tag-tabcorp"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777000685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777000685"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777000685\/revisions"}],"predecessor-version":[{"id":777000698,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777000685\/revisions\/777000698"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/20369"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777000685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777000685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777000685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}