Heartland to raise up to $59 mln at 10% discount to fund loan growth

Wed, 08 Nov 2017

By Paul McBeth Nov. 9 (BusinessDesk) - Heartland Bank plans to raise up to $59 million in a discounted rights offer to shareholders to help fund an expanding loan book, which rose at an annual pace of 16 percent in the September quarter. The Auckland-based lender will sell shares at $1.70 apiece through a 1-for-15 pro rata rights issue, which it plans to use to help fund credit growth and maintain a healthy balance sheet. That's a discount to the $1.89 price the shares closed at yesterday and a 9.5 percent discount to a theoretical ex-ri...

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