Melco Crown Entertainment sold $200 million worth of primary American depositary shares ADS early yesterday morning. The money raised will be used to speed up the payment for its flagship Macau project City of Dreams.
The base deal comprised 38.8 million ADS, each representing three ordinary shares. There was also a 10% greenshoe, which can be exercised during the next 30 days and would bring the total deal size to $220 million.
The shares were priced at $5.15, a 2.3% discount to Wednesday's closing price. The latest prices are a strong recovery from the 52-week-low of $2.33 a share that Melco touched, but they appear to have already peaked -- ...
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