Crown Resorts (ASX: CWN) announced today that it intends to buy-back all of the outstanding Crown Subordinated Notes I (ASX: CWNHA). The amount outstanding is $530 million and the final buy-back size will be dependent on market conditions and available liquidity. Crown reserves the right to execute the buy-back on-market as well as off-market. The group will provide regular updates regarding progress made with the buy-back.
While the prospectus states that this action is only permitted after September 2017, Crown has amended the Terms of Issue to facilitate the buy-back.
