ING Industrial Fund has launched a $700 capital raising campaign, aimed at reducing debt and cutting gearing levels.
ING Real Estate, the largest shareholder, will not take up its entitlement, which is causing concern for some institutional investors.
The refinancing plan offers units at 48c, a 20% discount to Monday’s close price of 60c, spread between existing unitholders and an institutional placement.
IIF will remain in a trading halt until the placement is complete this afternoon.
ING Industrial
ASX Code: IIF
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For more on this news story:
- Sydney Morning Herald: “ING, Colonial in trust offers”
- The Australian: “ING launches $700m raising to cut debt”
Tags: capital raising, ING capital raising, ING Industrial Fund, ING Real Estate, Trading Halt
