NZ Refining raises $48M in placement at 4 percent discount for funding flexibility

Sun, 02 Mar 2014

March 3 (BusinessDesk) – New Zealand Refining raised $48 million in a placement of new shares at a 4 percent discount to give the nation’s only oil refinery more funding flexibility as it invests in new capacity in the face of volatile refining margins and exchange rates. The Whangarei-based company sold the shares to institutions after the close of trading on Friday at $1.68 apiece. The stock ended trading last week at $1.75 and has declined 15 percent this year. NZ Refining said in a statement that its current debt funding facilities were...

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