UK listed property company Liberty International has 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 cmopany said in a statement on Monday.
UK listed property company Liberty International has 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 cmopany said in a statement on Monday.
The shares will be issued at a price determined by a market book build process which is due to close on Tuesday 28 April. The Gordon Family Interests, which currently holds 21.7%of the company, has agreed to subscribe for 拢30 mln of the new shares.
Merrill Lynch and UBS are acting as joint sponsors and brokers, HSBC, Merrill Lynch and UBS are acting as joint lead managers and Barclays Capital and RBS Hoare Govett are acting as joint co-managers. Goldman Sachs is acting as financial adviser.
Liberty said earlier this year 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.
