Magna Offers $50 Million More in Notes
Updated: Tuesday, June 17, 2003 9:57 AM
Posted: Tuesday, June 17, 2003 9:57 AM
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.
FREE! E-Newsletters from The Blood-Horse!...
Follow the top stories of major racing events, racing previews and results with FREE e-newsletters from bloodhorse.com. As news develops, we'll deliver updates to your inbox. Follow important events moment by moment, step by step!