UK listed property company Liberty International said on Wednesday that it has raised 拢620 mln (EUR688 mln) from the placement of a total of 200 million shares. The issue price of 310 pence represented a 21.9% discount to the market price at the time of agreeing the issue price and a 37.1%discount to NAV per share.
UK listed property company Liberty International said on Wednesday that it has raised 拢620 mln (EUR688 mln) from the placement of a total of 200 million shares. The issue price of 310 pence represented a 21.9% discount to the market price at the time of agreeing the issue price and a 37.1%discount to NAV per share.
Earlier this week Liberty International unveiled plans to raise gross proceeds of up to 拢600 mln (EUR673 mln) through the placement of new shares. The proceeds of the capital hike will be used to reduce net debt, increase the group鈥檚 available cash and undrawn committed financing facilities, improve financial ratios and increase financial flexibility, the company said in a statement on Monday.
Merrill Lynch and UBS acted as joint sponsors and brokers, HSBC, Merrill Lynch and UBS as joint lead managers and Barclays Capital and RBS Hoare Govett as joint co-managers. Goldman Sachs acted as financial adviser.
Liberty said in February that it would need to raise 'no less' than 拢350 mln as a condition of its banks extending the terms of its 拢360 mln corporate debt.
