(Reuters) The Aurora, Ontario-based horse racetrack operator said it will file to sell 20 million of its class A subordinate voting shares in the US and Canada. It said the offering contemplates an over-allotment option allowing underwriters to buy an additional 3 million shares.
The underwriting syndicate includes Bear Stearns & Co Inc, BMO Nesbitt Burns Inc and CIBC World Markets Corp.
Magna Entertainment said it intends to use the proceeds for general corporate purposes, including debt repayment, capital expenditures, and the potential acquisition or development of additional racetracks and related operations.
