Betting giant Tabcorp (ASX:TAH) has announced it has unwound a cash-settled equity swap, and will receive about $554 million in gross proceeds.
The unwinding was for 117 million Tabcorp shares, equating to about 5.8 per cent of its shares on issue, at a price of $4.72.
And as a result of the combination of Tatts, Tabcorp already received $62 million, while it will now receive a further $554 million with the proceedings being put towards its borrowings.
The company says it unwound the vehicle as it served its purpose, to pay down financing of the equity swap.
Shares in Tabcorp (ASX:TAH) are trading 1.89 per cent lower at $4.67.