Fletcher Building has successfully renegotiated borrowing terms with its US Private Placement (USPP) lenders and is closing in on completing its $750 million capital-raising. Fletcher recently completed the retail component of its one-for-4.46 entitlement offer, raising $132.3 million, which left a shortfall of $97 million to be made up from the retail shortfall book-build. Fletcher had also arranged a $500 million standby loan facility, if it was required to repay the USPP $1.1 billion loan, but that was not now required and would be cancelled from tomorrow. Fletcher had also reined in its syndicated loan facility, back from $1.27 billion to $925 million. Its retail book-build seeking $750 million had been successful, as were negotiations with its bank syndicate and USPP lenders, its loan facility was reduced and the $500 million standby facility was not required.
Source: Otago Daily Times May 16, 2018 17:03 UTC