Prosafe has raised gross proceeds of NOK 590m ($69.5m) through a private placement of around 9.99% of its outstanding shares, which will be used to strengthen the company’s balance sheet and liquidity.
Some 23,597,300 new shares were sold, each with a par value of EUR 0.25 ($0.27) at a subscription price of NOK 25 ($2.94) per share, which is a 4.6% premium on the Oslo-listed stock’s closing price of NOK 23.90 ($2.81) on December 3.
“The proceeds will further strengthen the company’s ability to work proactively with all stakeholders, and allow the Company to be in a better position to execute on preferred initiatives in the near-term challenging market,” said the company, which specialises in providing semi-submersible accommodation vessels.
The allocated shares in the private placement will be tradable on the Oslo Stock Exchange on or about December 7. The shares are expected to be delivered to investors on December 8, “subject to timely payment”, Prosafe said.
The bookbuilding process was managed by joint bookrunners ABG Sundal Collier, Nordea Markets, Pareto Securities, Danske Bank and DNB Markets.
The newly issued shares were authorised at the company’s annual general meeting on May 13 this year.