The Stars Group has is now seeking to raise $1bn through an unsecured notes offering to support its acquisition of Sky Betting and Gaming, an increase of $250m on the initial offering.

Companies sell unsecured notes through private offerings in order to raise money for corporate initiatives – such as acquisitions.

The notes will, issued at par, bear interest at a rate of seven per cent per annum and will mature on July 15, 2026. The Notes Offering is expected to close on or about July 10, 2018.

In a statement, the Stars Group said it intends to use the net proceeds from the offering, together with the previously announced equity offering, bank financing and cash, to fund the Sky acquisition.

The notes will be offered and sold in the US only to qualified institutional buyers in accordance with the US Securities Act, and outside the states, in reliance on Regulation S under the Securities Act.