NRW raises $20m to cut debt and pursue opportunities
Civil and mining contractor NRW Holding plans to raise $20 million through a share placement with institutional investors.
The Jules Pemberton-led NRW said the measure was being undertaken to reduce debt and provide liquidity, allowing more flexibility to pursue opportunities.
The shares would be issued at 49 cents each, a 4.9 per cent discount to the stock’s last traded price of 51.5 cents. The placement is equal to 15 per cent of NRW’s equity.
The contractor is not offering retail investors an opportunity to participate in the raising.
UBS AG, Australia Branch and Euroz Securities are acting as joint lead managers and bookrunners.
The book opened and closed last week, with settlement last Friday.
An NRW presentation to investors said the placement would cut debt to $91 million and lift its cash balance to $53 million.
NRW managing director Jules Pemberton.