Company News Summary
Crown Provides Update on Capital Management Strategy
Original announcement: Update on Crown's Capital Management Strategy
Crown advised that it recently raised $300m through a new five-year bond issue, which was distributed predominantly to institutional investors in Australia and Asia. The proceeds from this issue have been used to repay existing debt, diversify the company's funding sources, and extend its debt maturity profile. As part of its ongoing capital management strategy, the company is also considering a range of further funding options, including a potential issuance of hybrid capital securities. The company has a range of capital expenditure programs across its two Australian properties, Crown Melbourne and Burswood. The capital projects, including the recent announcement by the company to develop a new luxury "six star" hotel at Burswood, are expected to enhance the company's position as one of the leading operators of integrated resorts in the region.
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