Gentrack to sell $90M of shares in discounted offer to repay debt after acquisition spree

Tue, 03 Jul 2018

By Paul McBeth July 4 (BusinessDesk) - Gentrack Group will sell shares at a 12 percent discount to raise $90 million to repay bank debt used to fund a recent spate of acquisitions, leaving the door open for more merger and acquistion activity. Auckland-based Gentrack will sell 14.6 million shares at $6.19 apiece in a one-for-5.77 accelerated pro-rata entitlement offer, fully underwritten by Deutsche Craigs and UBS New Zealand, it said in a statement. That compares to the $7 price the shares closed at yesterday and is a 10 percent discount...

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