Australia's Santos to raise A$3.5b through asset, share sales
[MELBOURNE] Santos Ltd plans to raise A$3 billion (S$2.98 billion) through two share sales on Monday, after completing a strategic review in which it rejected a range of offers for assets except a stake in an Australian gas field sold to Japan's Mitsui & Co.
Santos, scrambling to pay down A$8.8 billion in net debt, had long resisted issuing equity, but it said on Monday it would offer A$3 billion in new stock to existing shareholders and sell A$500 million in new shares to a Chinese private equity firm, Hony Capital.
The private placement is being priced at a 15 per cent premium to Santos' last trade.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Pricey coffee is here to stay as hoarding, heat hit Vietnam supply
Oil settles higher as weak US economic growth offset by supply concerns
India's Vedanta misses Q4 profit estimates on lower prices
BHP targets Anglo American in bid valuing miner at US$39 billion
China's Sinopec charts global expansion with refinery in rival India's backyard
Gold trades in tight range as market focuses on US economic data