UPDATE 1-S.Korean casino firm Paradise raises $281 mln in block sale

Thu Jul 10, 2014 11:01pm EDT

(Adds that sale has been completed and priced)

SEOUL, July 11 (Reuters) - South Korean casino operator Paradise Co Ltd raised 285.8 billion won ($281.2 million) in a block sale of treasury shares on Thursday, a company spokeswoman said.

Paradise offered 7.5 million shares at 38,100 won each, a 4 percent discount to Thursday's closing price, according to a term sheet seen by Reuters.

The shares priced at the top of a discount range of 4 percent to 4.9 percent, and some 50 local and foreign institutional investors participated, the spokeswoman said on Friday.

Paradise said in a separate regulatory filing that the proceeds would be used for operations but could also be partly used to fund acquisitions.

Goldman Sachs was the sole bookrunner of the block sale.

($1 = 1016.5000 South Korean Won) (Reporting by Joyce Lee; Editing by Stephen Coates)

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