Pacific Radiance reaches indicative terms to place up to US$85m of shares
PACIFIC Radiance has signed a non-binding term sheet with potential anchor investors to inject up to US$85 million through a stock placement, the offshore support vessel company announced on Tuesday.
Pacific Radiance plans to raise another US$35 million through either or both of a private placement and rights issue. That would take the company's total equity capital raising to US$120 million, in line with its proposed restructuring plan.
The anchor investors' commitment is conditional upon the completion of the restructuring and the approval of company shareholders.
Pacific Radiance shares are currently suspended.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Telegram messaging service to allow Tether stablecoin payments
Hong Kong regulator to probe PwC auditing role over Evergrande
US: S&P, Dow open flat as Middle East jitters ease, Netflix weighs on Nasdaq
DBS puts 46 retail units, HDB shops on market for S$210 million
China to facilitate Hong Kong IPOs and expand Stock Connect
Global equity funds see surge in outflows as rate cut hopes fade