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Crown Limited

Crown placement to raise $300 million

Crown has undertaken a share placement to raise equity to strengthen the company's balance sheet.

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Crown Limited (ASX:CWN) has completed an underwritten equity placement of shares to raise $300 million in new capital at $4.95 per share (representing a 9% discount to Crown’s closing price on 16 December 2008).

Consolidated Press Holdings has participated in the Placement for $100 million of the $300 million approval subject to approval from Crown shareholders given CPH is a related party of Crown.

The proceeds of the equity placement and SPP will further strengthen Crown’s balance sheet and, coupled with the major refinancing announced on 4 December 2008, increase funding flexibility going forward.

Crown was last trading at $5.18.

Quick facts: Crown Limited

Price: $11.48

Market: ASX
Market Cap: $7.77 billion
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