MQA revs up funding

MACQUARIE Atlas Roads is aiming to raise $450 million from investors to help fund the expansion of its stake in a French motorway network.

The toll road developer says it will supplement the proceeds of the underwritten pro-rata accelerated non-renounceable entitlement offer with a €150 million ($223 million) debt facility, raising the €450 million it needs to increase its stake in APRR from 20.14 per cent to 25 per cent.

APPR – which stands for Autoroutes Paris Rhin-Rhone – is Europe’s fourth largest motorway group, operating a 2300km network of toll roads in eastern France.

Macquarie Atlas said investors would be offered new shares at $5.12 each, a 5 per cent discount to its theoretical ex-rights price. The company’s majority owner – Macquarie Group, with a 14.5 per cent stake – has indicated it will apply for its full entitlement.

Macquarie Atlas shares were in a trading halt yesterday as a result of the capital raising, last trading at $5.53.