Chilean carrier CSAV has raised $129 million in the second stage of a planned $1.2 billion capital increase and said it hopes to complete its refinancing by Feb. 15.
CSAV said it sold nearly 630 million shares to third parties at a price of 20.45 cents per share. The $129 million stock sale, combined with $659 million raised in a stock issuance last week, brings the total capital raised so far to $788 million.
The company said it will offer additional shares next month to participants in the first round of refinancing who have indicated willingness to make additional purchases.
The $659 million raised in the first stock issuance included $447 million acquired by Quinenco and Marinsa, CSAV’s primary shareholders. Private and institutional investors purchased the remainder.
In the latest placement, 82.8 percent was allocated to domestic and institutional markets. The remaining 17.2 percent was placed in the retail market.
CSAV said will now attempt to sell 2.65 billion shares to third-party investors who participated in the first round of refinancing and have indicated their intention to purchase more shares. Any shares remaining after the next offer expires Feb. 15 will be offered to shareholders who participated in the second round of financing, the company said.
Chile’s Luksic family, the biggest CSAV shareholder, has pledged to subscribe for up to $1 billion worth of shares.
The capital increase is part of CSAV’s restructuring program launched last May. The program includes revamping the company’s liner service portfolio, intensifying joint operations with other carriers and spinning off CSAV’s harbor tug unit, SAAM.
CSAV said it expects to that by Feb. 15 it will have met requirements set by shareholders to divide CSAV and spin off SAAM.