20/09/2016 - 12:43

NRW raises funds to pay debt

20/09/2016 - 12:43

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Perth-based contractor NRW Holdings has rattled the tin for $20 million to reduce its debt levels and place the company in a better position to pursue future opportunities.

NRW raises funds to pay debt
NRW hopes to pay off all of its debt within 30 months.

Perth-based contractor NRW Holdings has rattled the tin for $20 million to reduce its debt levels and place the company in a better position to pursue future opportunities.

NRW will place 41.8 million shares at 49 cents each to raise the funds, with the price representing a 6.5 per cent discount to the company’s five-day volume-weighted average price.

UBS and Euroz Securities will act as joint lead managers to the placement.

“The funds raised from the placement will further reduce the company’s net debt and provide additional liquidity for NRW to be more flexible in pursuing future opportunities,” NRW said in a statement.

NRW has targeted all debt to be paid off within 30 months.

Last month NRW announced it had made $21.5 million in net profit for the 2016 financial year; a dramatic improvement from its $229.8 million net loss in FY15.

NRW shares were unchanged at 51.5 cents each at 12:45pm.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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