Dec 16 (Reuters) - Crown Resorts Ltd (CWN)
- Asx alert-further update on major initiatives-cwn.ax
- Entered into further agreements in respect of its shareholding in Melco Crown Entertainment Limited
- Following completion, sale to Melco and sale to public will generate net proceeds to crown resorts of approximately $1.9 billion
- New agreement reduce company's shareholding to 11.2% of mce shares with an economic hedge referencing just over 5.5% of mce shares
- Has entered into a series of cash-settled equity swaps referencing approximately 81.9 mln MCE shares
- Has entered into an underwriting agreement for sale of 40.9 million MCE shares for US$5.33 per MCE share
- Proceeds from sale to public will initially be used to reduce crown resorts' net debt position
- Intends to use proceeds to fund a special distribution of about $600 million and enable a share buy-back of about $500 million
