Heidelberg launches rights issues after debt refi

HeidelbergCement this week announced plans for a deeply dilutive rights issue as part of a restructuring effort that has already involved the renegotiation of Eu8.7bn of syndicated loans and bilateral facilities. The plans received a warm reaction from shareholders, who sent the stock up 12% on Tuesday.

  • 15 Sep 2009
Heidelberg (B1/B-/B) will sell 62.5m new shares in a rights issue starting next week and use the funds to pay down debt, and will put up to an additional 62.5m existing shares on offer in an institutional placement to be launched next Tuesday (September 22). The firm’s major ...

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