CBL raises $60 million in 'heavily oversubscribed' placement

Thu, 29 Sep 2016

By Paul McBeth Sept. 30 (BusinessDesk) - CBL Corp completed the first tranche of a planned capital raising in a "heavily oversubscribed" placement, selling $60 million of new shares at an 8.2 percent discount. The Auckland-based credit surety and financial risk insurer sold about 17.4 million shares at $3.45 apiece to institutional investors in New Zealand, Australia and further afield, it said in a statement. The offer had been fully underwritten by UBS New Zealand, which was also the sole lead manager, but chief financial officer Carde...

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