Phoenix wins hedge fund backer for £250m cap hike
Phoenix Group Holdings, the closed-life insurance firm, launched a £250m placing and open offer designed to support a re-profiling of its loans and to increase dividend payments. The deal is fully backed by alternative asset manager Och-Ziff at a small discount to the recent share price, instead of being underwritten by a bank syndicate.
Phoenix is selling 50m new shares, 28.75% of the existing share capital, at 500p each. That was a 10.5% discount 30 day volume weight average price and a 15.4% discount to Tuesdays close of 591p.
Och-Ziff is buying 16m shares, 9.2% of the existing share capital, while an open
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