Tabcorp prices $1.4 billion in six tranches; Layne Christensen issues $71 million

By Devika Patel

Knoxville, Tenn., March 23 – The week ended with two private placements announced, including notes from Tabcorp Holdings Ltd. and Layne Christensen Co.

Melbourne, Australia-based leisure and entertainment services company Tabcorp Holdings reported that it priced $1.4 billion of notes in six parts, consisting of both U.S. dollar-denominated tranches and Australian dollar-denominated tranches.

Also, the Woodlands, Texas-based water management, construction and drilling company Layne Christensen sold $71 million of 11% notes due 2019.

Tabcorp issues $1.4 billion

Tabcorp said it priced $1.4 billion of notes in six tranches, comprised of four U.S. dollar-denominated tranches totaling $1.25 billion and two Australian dollar-denominated tranches, totaling A$195 million, or $150 million.

The company sold $105 million of eight-year notes; $450 million of 10-year notes; $520 million of 12-year notes; $175 million of 15-year notes; A$97.5 million, or $75 million, of 17-year notes; and A$97.5 million, or $75 million, of 18-year notes.

Proceeds will be used to repay in full the company’s A$1.8 billion bridge financing facility and also to repay existing bank debt.

Layne Christensen prices

Layne Christensen reported that it plans to sell $71 million of its 11% senior unsecured notes due Oct. 16, 2019 in a private placement. The investors are two funds advised by Corre Partners Management, LLC.

The notes may be prepaid at any time.

Proceeds will be used to repay the company's 8% convertible notes or 4.25% convertible notes at maturity.

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