Transurban Group completes $3 billion institutional bookbuild

transurban group

In morning trade today Transurban Group’s share price drifted lower despite announcing successful completion of institutional bookbuild.

This morning i.e. 5 September 2018, Transurban Group announced the completion of institutional component resulting in $3 billion fund raising as part of $4.2 billion fully underwritten accelerated pro rata renounceable 10 for 57 entitlement offer.

This comes after the previous announcement in which Transurban had declared their move to raise $4.2 billion of funds through an entitlement offer with the view to support the acquisition of 51% equity stakes in WestConnex motorway.

Toll road giant Transurban (ASX: TCL) has raised gross proceeds of approximately $3 billion through an Institutional Entitlement Offer which will result in the issue of new 278 million securities by Transurban at the offer price of $10.80 per security. These new securities are expected to be allotted by 13 September 2018, eligible for trading from the same day. [optin-monster-shortcode id=”wxhmli4jjedneglg1trq”]

Furthermore, entitlements not taken up were sold at $11.80 per new security, reflecting a premium of $1 on the offer price of $10.80 per security. As per the reports this institutional shortfall bookbuild was greatly supported by eligible institutional security holders and new investors.

The company also notifies that retail component of the Entitlement offer will open on 7 September 2018 and will close on 18 September 2018. All eligible retail holders in Australia and New Zealand have been given the opportunity to participate in the offer at the same offer price and ratio as the Institutional Entitlement Offer.

At the time of writing, i.e. 5 September 2018 (2:26 PM AEST), Transurban’s stock dropped by 2.902% to $11.710.

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