On 23rd April 2015 Crown Resorts Limited announced they had closed Crown Subordinated Notes II offer raising $630 million. The deal is due to commence trading tomorrow (24 April 2015 - deferred settlement basis). There has been some price weakness over the past few weeks in the older version of the subordinated notes (ASX Code: CWNHA) but this is most likley a result of brokers selling CWNHA to fund the settlement of CWNHB. In our opinion this presents an opportunity for investors.
Our understanding is that there was a small scale back applied to the broker firm offer but all applications applied under security holder offer were accepted.
