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Crown shares rise as debt is refinanced

AUSTRALIA -- As reported by Bloomberg: "Crown Ltd., Australia's biggest casino owner, surged by a record in Sydney trading after raising A$1.6 billion ($1 billion) from banks to repay debt due in August 2010.

"Crown shares rose 10 percent to close at A$5, their biggest gain since the stock commenced trade a year ago.

"Chairman James Packer, who created the company when he split his media and gambling assets, refinanced the debt as he prepares to take control of U.S. operator Cannery Casino Resorts LLC, which Crown agreed to buy for $1.75 billion in December 2007. Crown won't face another 'major refinancing' until late calendar 2011, it said.

"The company has net debt of A$180 million, after including $1.6 billion of cash being held on deposit pending settlement of the Cannery transaction..."

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