Bally’s raises $671.4m to fund Gamesys deal
Bally’s has announced that it completed its previously announced underwritten public offering of common stock at a price to the public of $55.00 per share.
Bally’s issued a total of 12.65 million shares of common stock in the offering, which included 1.65 million shares issued pursuant to the full exercise of the underwriters’ over-allotment option.
The net proceeds from the offering were approximately $671.4 million, after deducting underwriting discounts, but before expenses. Bally’s intends to apply the net proceeds from the offering to fund a portion of the cash consideration payable to shareholders of Gamesys Group upon consummation of the previously announced combination of Bally’s and Gamesys.
If the Combination is not consummated, Bally’s expects to apply the net proceeds from the offering for general corporate purposes, which may include repayment of debt, repurchases of its common stock, capital expenditures, acquisitions and investments.