Tabcorp to finance expansion

Tabcorp Holdings, the Australian betting group, is raising US$289m through the issue of notes on the US private placement market.

The notes would settle in March next year and the move would give the company A$425m in diversified funds to finance expansion following the demerger of its lottery and keno unit.

Tabcorp also said that the resources would help repay existing debts and also fund other corporate purposes.

The first quarter of the year – ending June – the betting and media operator had a rise in revenue of 18.7 percent. Tabcorp is the largest gambling company in Australia, with more than 5,000 employees.