Magna Entertainment Corp. will sell an additional $50 million in convertible subordinated notes, the company announced Monday.
Magna is expected to raise about $48.5 million after expenses, which will be used for general corporate purposes.
The 8.55 percent convertible notes are due June 15, 2010. An earlier $100 million offering of the notes closed on June 2 and raised about $96.5 million. The latest offering is expected to close on June 24.
The notes will be convertible into Magna Entertainment's class A subordinate voting stock at a price of $7.05 a share.