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Qualifying shareholders take up 68% as remainder stays with conditional placees
Underwriting left unused after deal is 33% oversubscribed
Shareholder-backed recapitalisation will help reduce debt and prepare assets for sale or listing
Placing and open offer follows recent acquisition of US annuity provider
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ArcelorMittal’s $3.015bn rights issue, as part of its $4bn debt cutting plan, was completed oversubscribed, the steelmaker said on Monday, despite the gloomy outlook for the European steel industry. -
It goes without saying that things have not gone according to plan for Asia’s equity capital markets this past quarter. The numbers are sobering and the reality is that ECM has seen some fundamental shifts as deal origination and execution become more non-traditional. But that does not have to be a bad thing.
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Schaeffler Holdings has launched tonight the sale of the family holding company’s last non-voting shares in Schaeffler, the German bearings maker which floated in October. It is likely to be the only block trade in the stock for the foreseeable future.
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Finnish property investment firm Sponda has completed its €221m rights offering, which it first announced in late February and which will be used to partially repay a bridge loan.
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Asia ex-Japan has had its slowest first three months of equity capital markets activity since 2009, despite being the busiest for deal flow among all other regions in the world. While many market watchers are afraid the volatile start to the year has damaged the pipeline, there is still some optimism as small pockets of opportunities arise in countries like Indonesia and Thailand. Jonathan Breen reports.
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Songa Offshore, the Norwegian oil drilling company, has made a strong start to its attempt to raise $125m of new money with a convertible bond, as part of a distressed debt restructuring.
