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SkyCity unveils $589 mln funding plan, nixes dividend

Published 17/06/2020, 07:54 am
© Reuters.
SKC
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June 17 (Reuters) - SkyCity Entertainment Group Ltd SKC.NZ on Wednesday announced a NZ$915 million ($589 million) funding plan to shore up its balance sheet amid the coronavirus pandemic, and said it would not pay a dividend till at least next year.

As part of the plan, the casino operator said it would look to raise up to NZ$230 million by issuing shares and that it had secured new debt facilities worth NZ$160 million as well as debt covenant waivers from its lenders. ($1 = 1.5526 New Zealand dollars)

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