Brait raises £150m from CB investors in first leg of restructuring

By Aidan Gregory
29 Nov 2019

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 ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access:

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: or find out more online here.