By Sheri Kasprzak
New York, April 12 - Downer EDI Ltd. said it has wrapped its previously announced C$125.16 million private placement.
The company issued 14.9 million shares at C$8.40 each to local and offshore institutional investors.
UBS was the bookrunner for the deal.
Also, Downer said it is conducting a stock purchase plan with its eligible shareholders under which shareholders may buy up to A$5,000 in stock each at A$8.40 apiece. There is a A$40 million cap on the purchase plan.
Proceeds from the offering will be used to fund the acquisition of the Emoleum business from Rinker and ExxonMobil, as well as the acquisitions of Otraco Pty. Ltd. and DMQA Ltd.
The company also plans to conduct a share purchase plan with its existing shareholders.
Sydney, Australia-based Downer is an engineering and infrastructure management services provider focused on public and private rail, power and telecommunications companies.
| Issuer: | Downer EDI Ltd.
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| Issue: | Stock
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| Amount: | A$125.16 million
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| Shares: | 14.9 million
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| Price: | A$8.40
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| Warrants: | No
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| Placement agent: | UBS
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| Settlement date: | April 12
|
| Stock symbol: | Australia: DOW
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| Stock price: | A$8.52 at close April 12
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