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Downer EDI raises $200mn from institutionsMarch 3, 2011 -...

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    Downer EDI raises $200mn from institutions
    March 3, 2011 - 9:04AM


    Downer EDI Ltd says it has successfully completed the institutional component of a capital raising through a combination of a 97 per cent subscribed entitlement offer and a bookbuild.

    Downer said on Thursday it had raised $200 million from the 1-for-4 institutional capital raising at $3.25 per share.

    The 1.8 million still available after the entitlement offer then were sold through a bookbuild at a clearing price of $3.75.
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    The company now proceeds to a retail component of its capital raising, which opens next Tuesday, March 8.

    Downer's chief executive officer, Grant Fenn, said in a statement that there had been strong support for the capital raising from both local and overseas investors as well as existing and new investors.

    "This capital raising will strengthen Downer's balance sheet and provide the financial flexibility to pursue attractive growth opportunities," Mr Fenn said.

    New shares taken up under the Institutional Entitlement Offer are expected to be issued on March 16, and begin trading on the Australian Securities Exchange the same day.

    ? 2011 AAP
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