LONDON (Alliance News) - Oil services company Lamprell PLC Thursday said the 5 for 16 rights issue it announced last month was fully subscribed, after it achieved a high level of acceptances in the offer and the bookrunners found investors to take up the small portion left.
On May 16, Lamprell said it would look to raise roughly USD120.3 million through a 5-for-16 rights issuance of 81.4 million shares at 88 pence a share. It also arranged a new USD350 million banking facility, replacing previous facilities. It said it would use USD60 million of the rights issue cash in a yard investment programme and USD10.6 million to pay down debt.
On Thursday, it said it had received valid acceptances for 78.5 million shares in the rights issue, 96.52% of the total, and bookrunners JP Morgan and HSBC Bank then found subscribers for the remaining 2.8 million shares.
Lamprell shares were up 0.7% at 151.25 pence Thursday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
Copyright 2014 Alliance News Limited. All Rights Reserved.