Galaxy placement prices at 4.7% discount

The $165 million placement attracts $1.6 billion of demand following Permira's 20% investment in the Macau casino operator, but the deal is priced below the mid-point.

Galaxy Entertainment was able to raise HK$1.29 billion $165 million from the share placement it launched late Thursday in connection with the investment by private equity firm Permira into the company.

PermiraƆs decision to take a 20% stake in the Macau casino operator will allow Galaxy to repay part of its outstanding debt, leaving it with a significantly stronger balance sheet and with more cash towards the future development of phases two, three and four at its Cotai Mega...

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