Brait raises £150m from CB investors in first leg of restructuring
Brait, the troubled South African investment company, managed to issue a £150m five year convertible bond on Wednesday, an essential piece of its restructuring plan, which includes a new strategy, a recapitalisation, including a rights issue, to repay debt and the sale of two UK assets.
Brait, which is listed on the Johannesburg Stock Exchange, announced the overhaul on Wednesday after a prolonged period of underperformance. The company’s stock has fallen 52.5% over the past 12 months, giving it a market capitalisation of R8.1bn ($555m) – less than its R11.96bn ($810m) net debt.Bookrunners ...
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