Waddell & Reed to Raise up to US$258 Million Selling Sands China, Wynn Macau Shares - Term Sheet

Date : 06/14/2012 @ 7:07AM
Source : Dow Jones News
Stock : Waddell & Reed Financial, Inc. (WDR)
Quote : 20.83  0.04 (0.19%) @ 3:59PM

Waddell & Reed to Raise up to US$258 Million Selling Sands China, Wynn Macau Shares - Term Sheet

Waddell & Reed (NYSE:WDR)
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   By Prudence Ho 
 

HONG KONG--U.S. asset manager Waddell & Reed Financial Inc. (WDR) is seeking to raise up to US$258 million by selling shares in Sands China Ltd. (1928.HK) and Wynn Macau Ltd. (1128.HK), according to a term sheet seen by Dow Jones Newswires on Thursday.

Waddell & Reed is selling 41 million Sands China shares at an indicative price range of HK$24.18-HK$24.68 each, the term sheet said, representing a discount of 3%-5% to the shares' closing price Thursday of HK$25.45.

The U.S. asset manager is also selling 55.5 million Wynn Macau shares at an indicative price range of HK$17.53-HK$17.90 each, the term sheet said, representing a discount of 3%-5% to the shares' closing price Thursday of HK$18.46.

UBS is the bookrunner for the placements, the term sheet said.

Write to Prudence Ho at prudence.ho@dowjones.com

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