Echo Entertainment Group, the proposed new holding company of Tabcorp casinos, is seeking to raise $460 million in a two-part sale of bonds. The first tranche of $100 million will mature in seven years, while the second tranche of $360 million will mature in 10 years. The proceeds will be converted into Australian dollars and the size of Echo’s $1.497 billion syndicated bank facility will be cut down. The debt raising is conditional upon the planned demerger of Tabcorp’s casinos business proceeding.

Click here for the release from Tabcorp.