Steel & Tube raises $17.8M in shortfall bookbuild at zero discount

Wed, 05 Sep 2018

By Paul McBeth Sept. 6 (BusinessDesk) - Steel & Tube Holdings sold the leftover shares from a rights issue at a premium to what was a discounted offer, raising another $17.8 million to repay debt. The Lower Hutt-based company sold the stock at $1.23 apiece, matching the last trading price, and a premium to the rights offer's deeply discounted $1.05 a share. The steel products maker has now raised $80.9 million, which it will use to repay bank debt after breaching a lending covenant earlier this year when impairment charges and restructur...

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