Australia's Crown Resorts gets $2.4 billion funding offer from Oaktree By Reuters

Australia's Crown Resorts gets $2.4 billion funding offer from Oaktree By Reuters


© Reuters. FILE PHOTO: The logo of Australia’s casino operator Crown Resorts adorns a fence surrounding the Crown Perth hotel and casino complex in Western Australia, October 20, 2016. REUTERS/Aaron Bunch

(Reuters) – Australia’s Crown Resorts said on Tuesday it had received a modified proposal from Oaktree Capital Group, with a provision for funding of A$3.1 billion ($2.39 billion) for the casino operator to buyback its founder’s stake.

The latest proposal from the private-equity firm consists of a A$2 billion private loan and a A$1.1 billion loan convertible into new shares to be issued by Crown, the company said in a statement.

Oaktree in April proposed providing A$3 billion ($2.3 billion) for the buyback by Crown.

($1 = 1.2967 Australian dollars)

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