James Packer sold Crown notes for US$77m

As part of the company’s capital reorganisation, James Packer has just sold one million Crown notes for US$78,50 each.

Australia.- Gambling entrepreneur James Packer has raised just over US$77 million as a result from selling subordinated notes in operator Crown Resorts. According to the company, Packer’s particular holding company, which is Crown Resort’s major stockholder, Consolidated Press Holdings sold one million subordinated notes for US$78,50 each.

By March 17, 1.094,893 notes had been bought under its buyback program, leaving a further 4.2 million notes outstanding. He also received US$377 million as a $0.30 dividend and a $0.80 payment after selling the company’s stake in Melco Crown.

Crown is also scheduled to begin another buyback program for as much as US$500 million of its common stock from Monday. In February, they announced their plan to sell 42.9 million shares, or about 5.89 percent of its total issued capital. The number of shares eventually purchased will be dependent on market conditions.

The company has been trying to improve its share price and returns to shareholders by reorganising its capital structure. It has also sold down the majority of its stake in its Melco Crown Entertainment joint venture company and abandoned their plans for a resort in Las Vegas to focus on its Australian business.