NRW raises $20m to cut debt and pur­sue op­por­tu­ni­ties

Pilbara News - - News - Peter Wil­liams

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.

Picture: Robert Duncan

NRW man­ag­ing di­rec­tor Jules Pem­ber­ton.

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