Australian casino operator Star Entertainment Group Ltd. is seeking to raise as much as A$1.2 billion ($771 million) through a combination of equity and debt after a crackdown on criminal associations and money laundering across the nations gambling industry eroded its financial position.
The company launched a A$750 million equity raising priced at 60 Australian cents per share through investment bank Barrenjoey Markets Pty, it said in a statement on Monday. The offer consists of a 1 for 1.65 entitlement offer for existing retail shareholders to raise about A$589 million, and a placement of about A$161 million worth of shares for institutional investors. The price represents a 20% discount to its last closing price …
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