Steel & Tube to sell $80.9M of shares to repay debt and restructure business

Mon, 06 Aug 2018

By Tina Morrison Aug. 7 (BusinessDesk) - Steel & Tube Holdings, the steel supplier whose shares have lost almost a third of their value this year, plans to raise about $80.9 million to repay debt and strengthen its balance sheet as it restructures its business under new management. The Lower Hutt-based supplier of steel building products plans to raise $20.8 million through a placement at $1.15 per share followed by a fully underwritten pro rata 1 for 1.9 rights offer at $1.05 per share, a 28.1 percent discount to the $1.46 closing price...

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