Asciano raises extra $350m

11/05/2018 Posted by admin

MELBOURNE – Ports and rail operator Asciano Group has increased the size of its equity raising to $2.35 billion following strong support from institutional investors. Asciano had intended to raise at least $2 billion through the issue of new securities to reduce its heavy debt burden of more than $4.9billion. The company said yesterday that it had completed the institutional component of the equity raising, and in response to strong demand from institutional investors had increased the total underwritten issue size from $2 billion to $2.35 billion. The new securities will be issued at $1.10 each, a 40 per cent discount to the closing price of $1.83 before the announcement of the equity raising.
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