New Zealand’s SkyCity Entertainment Group said it had raised about NZ$195 million ($113.2 million) from institutional investors as part of a wider capital raising aimed at strengthening its balance sheet.
In a dispatch on August 22nd, the casino and entertainment operator said the funds came through an institutional entitlement offer and a placement to investors, both of which closed on Thursday.
SkyCity said 95 percent of eligible institutional shareholders took up their entitlements, while all existing shareholders who sought their pro-rata allocation in the placement received at least that amount of new shares.
‘We are pleased with the success of the institutional offer, and the strong take up from eligible institutional investors,’ chief executive Jason Walbridge said in a statement. ‘The equity raise will strengthen SkyCity’s balance sheet, allowing us to better navigate the current environment and execute on our near-term priorities.’
The institutional component is part of a broader NZ$240 million ($139.3 million) fully underwritten capital raising that includes a retail entitlement offer.
The new shares from the institutional offer and placement are expected to begin trading on August 28th, the company said.
