Crown Casino in $1 billion refinancing, by Katherine Jimenez - The Australian - 14th August 2008

James Packer's Crown Ltd yesterday announced that it had completed a $1.01 billion refinancing agreement in a move to extend the maturity profile of its debt finance portfolio.

In a brief statement to the Australian Securities Exchange, Crown said: "Proceeds of the new debt facilities will be used to pay down Crown's existing $2.15 billion syndicated loan facility."

The facility matures in 2010.

It said the refinancing was undertaken "to extend the maturity profile of Crown's debt finance portfolio".

The new debt facility was structured in three tranches, with the bulk -- $600 million - syndicated among 11 Australian and international banks on a five-year term at an interest rate of 5.5 per cent.

A $200 million bilateral loan facility was struck with the National Australia Bank on a five-year term at interest of 5.13 per cent.

The third arrangement was a $US200 million private placement with the Bank of America and Bank of Scotland acting as co-lead arrangers and Westpac and the Commonwealth Bank co-agents.

The maturity profile ranges from seven to 12 years at interest of 7.57 per cent.

Shares in Crown closed 25c weaker yesterday at $8.15.

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