Shareholders will vote on the demerger this week
Tabcorp spinoff company to keep revenue
2011-05-31
Reading time 18 seg
Tabcorp shareholders will vote on the demerger tomorrow (June 1), the Melbourne-based company said in a statement this week.
The debt raising by Echo will involve the issue of us$ 100 million of notes maturing in seven years and us$ 360 million of notes maturing in 10 years.
The proceeds will be converted to Australian dollar to reduce the size of Echo's $1.4 billion syndicated bank facility. UBS and Commonwealth Bank of Australia acted as joint placement agents for Tabcorp.
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