Phoenix raises over ?230m to repay debt

Closed life company consolidator?Phoenix has raised ?250 million through a share issue launched to repay around ?450 million of debt.

Phoenix announced details of the capital raising in January, pledging to use the funds alongside existing cash holdings to repay ?450 million of debt.

The capital raising was structured in two parts, with existing shareholders offered ?170 million of new shares, and hedge fund Och-Ziff injecting ?80 million.

Phoenix said it had received a 92.6% take-up of the issuance to existing shareholders, raising around ?157 million. Och-Ziff will take up economic exposure to the remaining 7.4% of shares not taken up, alongside a 9.2% stake in the business from its ?80 million injection.

Source: http://www.citywire.co.uk/new-model-adviser/phoenix-raises-over-230m-to-repay-debt/a659493

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