Ausdrill raises first A$175m
PERTH (mininwgeekly.com) – Mining services provider Ausdrill has raised some A$175-million from the institutional component of its 1-for-2.13 pro-rata non-renounceable entitlement offer.
The completion of the institutional offer is the first stage of the company’s fully underwritten entitlement offer, which is expected to raise some A$250-million. The offer is priced at A$1.47 a share.
The proceeds from the offer will be used to partially fund the repayment of Ausdrill’s senior unsecured notes due in November next year, with the balance of the notes to be repaid from existing cash and a draw-down of the revolving credit facility.
The retail component of the entitlement offer will open on August 21, and close on September 5.
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