Issuing a corporate update, Toronto TSX-listed The Stars Group Inc, has today disclosed its supplementary prospectus related to its proposed new public share offering.
Updating the market, the Stars Group’s treasury will move to implement a 15 million common share placement, which will be additionally supported by secondary 6 million share disposal undertaken by existing corporate shareholders.
Stars Group governance intends to use the net proceeds secured from its placements, together with the firm’s new debt financing and cash structure to complete its outright $4.7 billion acquisition of Sky Betting & Gaming (Sky Bet).
Morgan Stanley, J.P. Morgan and Deutsche Bank Securities Inc. are acting as the joint book-running managers and representatives of the underwriters for the offering.
The new offering is not contingent on the closing of the Sky Bet acquisition or any debt financing. If for any reason the acquisition is terminated, Stars Group governance intends to use the net proceeds for general corporate purposes.
The co-managers for the offering are Blackstone Capital Markets, Cormark Securities (USA) Limited, Canaccord Genuity Corp., Union Gaming Securities, LLC and Investec Bank plc.