Tabcorp Raises $195M in First AMTN Deal in 16 Years
Australian gambling and wagering company Tabcorp has made a successful comeback to the Australian Medium Term Note (AMTN), pricing AU300 million ($195 million) of 5.5-year notes.
Australian Medium Term Note
AMTN
AU300 million
$195 million
5.5-year notes
“We Are Pleased With the Very Strong Interest”
The move, following a 16-year hiatus, aligns with the company’s intention to diversify funding sources and extend its debt maturity. The proceeds will support general corporate purposes, including repaying drawn debt under its syndicated facility.
diversify funding sources
extend its debt maturity
The notes, which represent debt instruments with a maturity between two and five years, are usually issued by governments, corporations, and other types of entities looking to raise short-term to medium-term debt, carry a fixed annual coupon of 5.99%.
fixed annual coupon of 5.99%.
They are set to mature on May 28, 2031, with settlement expected on November 28, 2025, pending customary conditions.
May 28, 2031
November 28, 2025
“Tabcorp last issued in the AMTN market in 2009, and we are pleased with the very strong interest from investors with our re-entry to this market,” said chief financial officer Mark Howell.
chief financial officer Mark Howell
He added that the response shows recognition of the positive changes made across Tabcorp over the past 18 months.
“This issuance is part of our broader capital management strategy, adds diversity to our funding sources, extends the weighted average drawn debt maturity to 5.4 years, and increases liquidity to strengthen our balance sheet,” Howell said.
Revenue and EBITDA, Up
The AMTN issuance follows a strong financial performance for the company. For the year ending June 30, 2025, Tabcorp reported revenue of AU2.61 billion ($1.69 billion), up 11.8% from the previous year, and EBITDA of AU391.5 million ($254 million), a 23.2% increase.
June 30, 2025
revenue of AU2.61 billion
$1.69 billion
up 11.8%
EBITDA of AU391.5 million
$254 million
23.2% increase
The growth was supported by its reformed Victorian Wagering and Betting Licence and improved trading conditions across its operations.
Victorian Wagering and Betting Licence
With this issuance, Tabcorp not only strengthens its balance sheet but also signals confidence in its strategy and the broader Australian wagering market.
In the meantime, the company has settled the battle against its former chief executive officer, Adam Rytenskild. The settlement will prevent sensitive and possibly embarrassing messages between high-profile industry figures during the legal discovery process from being published.
settled the battle
former chief executive officer, Adam Rytenskild
Rytenskild’s dismissal in March 2024 was caused by an offensive comment that he allegedly made regarding a Victorian gaming regulator.
March 2024
