June 16, 2020 / 9:55 PM / 23 days ago

SkyCity unveils $589 mln funding plan, nixes dividend

June 17 (Reuters) - SkyCity Entertainment Group Ltd on Wednesday announced a NZ$915 million ($589 million) funding plan to shore up its balance sheet amid the coronavirus pandemic, and said it would not pay a dividend till at least next year.

As part of the plan, the casino operator said it would look to raise up to NZ$230 million by issuing shares and that it had secured new debt facilities worth NZ$160 million as well as debt covenant waivers from its lenders. ($1 = 1.5526 New Zealand dollars) (Reporting by Shashwat Awasthi in Bengaluru; Editing by Maju Samuel)

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