(Reuters) – Australia’s Crown Resorts said on Tuesday it had received a modified proposal from Oaktree Capital Group, with a provision for funding of A$3.1 billion ($2.39 billion) for the casino operator to buyback its founder’s stake.
The latest proposal from the private-equity firm consists of a A$2 billion private loan and a A$1.1 billion loan convertible into new shares to be issued by Crown, the company said in a statement.
Oaktree in April proposed providing A$3 billion ($2.3 billion) for the buyback by Crown.
($1 = 1.2967 Australian dollars)
(Reporting by Rashmi Ashok in Bengaluru; Editing by Vinay Dwivedi)
