Wagering and gaming firm Tabcorp Holdings has raised $250 million from the bond market, part of which it will use to pay off debt.

Tabcorp raised $200 million from institutional shareholders through the issue of new subordinated notes to be listed on the Australian Securities Exchange (ASX).

A further $50 million was raised from issuing notes to Tabcorp shareholders.

“The offer attracted significant interest from new and existing investors,” chief executive David Attenborough said in a statement on Thursday.

The company says it will use the funds for general corporate purposes, including the repayment of existing debts.