Ryman Healthcare has announced a $1 billion equity raising, comprising a $313 million underwritten institutional placement and a $688m underwritten pro-rata accelerated non-renounceable entitlement offer.
The company said the offer aims to enhance its financial position and provide a platform for improved performance and value for shareholders as market conditions recover.
Ryman's chair, Dean Hamilton, said the equity raise would reset the balance sheet, reducing pro-forma gearing from 37.3% to 23.1%.
The offer is expected to result in the issuance of approximately 328 million new shares, representing 48% of the existing shares on issue.
The placement and entitlement offer will be conducted at an offer price of $3.05 per share.
The offer is underwritten by Craigs Investment Partners, Forsyth Barr and Jarden Partners.
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