French SWF backs Soitec’s Eu150m rights issue
Soitec, the French semi-conductor technology firm, on Tuesday launched a Eu150m rights issue to fund capital expenditure with the backing of the Fonds Stratégique d’Investissement, the country’s sovereign wealth fund which will use the deal to take a stake in the firm.
The company is offering three new shares for every eight held at Eu4.50 each, a 35.5% discount to the theoretical ex-rights price based on Mondays close of Eu7.901. Subscription run from July 1 to July 12.
HSBC is sole global co-ordinator and joint bookrunner with Morgan Stanley.The rights ...