galaxy-placement-prices-at-47-discount

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.

PermiraÆs 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 Resort. Phase one, which is due to open towards the end of next year, is already fully funded.

Given this improved position it was no surprise that other investors were also keen to take part...
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