Crown Resorts Limited has announced an offer for Subordinated Notes to raise approximately $400m, with the ability to raise more or less. The offer is part of Crown’s capital management strategy, and the funds will be used for general corporate purposes including Crown Sydney, Crown Towers Perth, and other growth projects. The Notes are due for repayment in April 2075, subject to Crown’s right to redeem notes at any time from July 2021. Holders will receive quarterly interest payments at BBSW + a margin. The initial margin is being determined under Bookbuild with Institutional and Sophisticated Investors, and is expected to be in the range of 4.00% to 4.20% p.a. UBS and Deutsche Bank are Joint Structuring Advisers and Joint Lead Managers. ANZ Securities, Commonwealth Bank, NAB and Westpac have also been appointed as Joint Lead Managers. For further information please see https://www.crownnotesoffer.com/offer/