Steel & Tube attracts 'several new large investors' in $20.8M placement

Tue, 07 Aug 2018

By Paul McBeth Aug. 8 (BusinessDesk) - Steel & Tube Holdings attracted several new investors in the first tranche of a deeply discounted $80.9 million capital raise, which it will use to shore up its balance sheet in a wider restructuring of the steel building products supplier. The Lower Hutt-based company sold 18.1 million shares at $1.15 apiece, raising $20.8 million, to new and existing investors, it said. The second tranch of the capital raise is a fully underwritten pro rata one-for-1.9 rights offer, which will raise $60.1 million...

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