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Here are all the ASX 200 companies that have announced capital raisings so far in 2020

One of the most common sights on the S&P/ASX 200 Index (ASX: XJO) during the coronavirus crisis has been capital raisings.

Companies have been quick to raise funds to boost liquidity and ensure they come out of the crisis in a sound financial position.

Here’s a summary of the capital raisings which have occurred in 2020:

Bapcor Ltd (ASX: BAP)

Amount: $210 million, comprising a fully underwritten $180 million pro-rata institutional placement and $30 million share purchase plan (SPP).

Offer price: $4.40 per new share, representing an 8.5% discount to the last closing price.

Reason: To strengthen its balance sheet and place the company in a strong position to continue to execute its 5-year strategy and any other growth initiatives that may arise.

Bendigo and Adelaide Bank Ltd (ASX: BEN) 

Amount: $300 million, comprising a $250 million fully underwritten institutional placement and a $50 million SPP.

Offer price: $9.34 per new share, representing a 9% discount to the adjusted last close price.

Reason: To support the growth it is experiencing in its residential mortgage business, further strengthen its balance sheet, and provide an increased buffer above APRA’s unquestionably strong CET1 capital ratio requirements.

Cochlear Limited (ASX: COH)

Amount: $930 million, comprising a fully underwritten $880 million institutional placement and $50 million SPP.

Offer price: $140.00 per new share, representing a 16.7% discount to the last closing price.

Reason: To take pre-emptive and decisive action to ensure it remains strongly capitalised during the current market uncertainties and to position the company for the future.

Credit Corp Group Limited (ASX: CCP)

Amount: $150 million, comprising a fully underwritten $120 million institutional placement and $30 million SPP.

Offer price: $12.50 per new share, representing an 11.6% discount to the last closing price.

Reason: Proceeds from the offer will be used to enhance balance sheet flexibility, support the business during the current macro-economic uncertainty, and materially increase liquidity and reduce net debt.

Flight Centre Travel Group Ltd (ASX: FLT)

Amount: $701 million, comprising a fully underwritten $282 million institutional placement and $419 million pro rata non-renounceable entitlement offer.

Offer price: $7.20 per new share, representing a 27.3% discount to the last traded price.

Reason: To ensure Flight Centre can trade through an extended period of uncertainty and disruption, can continue to deliver high quality travel services to customers, and can capitalise on opportunities as market conditions improve.

G8 Education Ltd (ASX: GEM)

Amount: $301 million, comprising a fully underwritten $134 million institutional placement and $167 million pro rata non-renounceable entitlement offer.

Offer price: 80 cents per new share, representing a 25.9% discount to the last traded price.

Reason: Proceeds from the equity raising will be used to repay debt, increase cash on hand, and pay transaction costs.

IDP Education Ltd (ASX: IEL)

Amount: $190 million, comprising a fully underwritten $175 million institutional placement and $15 million SPP.

Offer price: $10.65 per new share, representing a 7.9% discount to the last traded price.

Reason: To ensure IDP can navigate the current COVID-19 uncertainty with a very strong balance sheet.

InvoCare Limited (ASX: IVC)

Amount: $250 million, comprising a $200 million fully underwritten institutional placement and $50 million SPP.

Offer price: $10.40 per new share, representing a discount of 7.8% to its last close price.

Reason: To provide enhanced support for its growth initiatives and further strengthen its balance sheet during the COVID-19 pandemic.

Lendlease Group (ASX: LLC)

Amount: $1,150 million, comprising a fully underwritten $950 million institutional placement and $200 million SPP.

Offer price: $9.80 per security, representing an 8.2% discount to the last closing price.

Reason: To strengthen its balance sheet and leave Lendlease well positioned to continue with the delivery of its development pipeline and take advantage of investment and development opportunities as markets stabilise.

Metcash Limited (ASX: MTS)

Amount: $330 million, comprising a fully underwritten $300 million institutional placement and a $30 million SPP.

Offer price: $2.80 per new share, representing a 7.9% discount to the last traded price.

Reason: Provide working capital and operational support for the retail network, continue investing in the MFuture growth program, complete three bolt-on acquisitions, and increase its liquidity buffer.

National Australia Bank Ltd (ASX: NAB)

Amount: $3.5 billion, comprising a fully underwritten $3 billion institutional placement and a $500 million SPP.

Offer price: $14.15 per new share, representing an 8.5% discount to its adjusted last closing price.

Reason: To provide it with sufficient capacity to continue supporting customers through the challenging times ahead, as well as increasing its capital level to assist and manage through a range of possible scenarios, including a prolonged and severe economic downturn.

National Storage REIT (ASX: NSR)

Amount: $330 million, comprising a $300 million fully underwritten institutional placement and $30 million SPP.

Offer price: $1.57 per new share, representing a 7.1% discount to the last closing price.

Reason: The proceeds will be used to strengthen its balance sheet, replenish investment capacity, and provide additional funding flexibility.

Newcrest Mining Limited (ASX: NCM)

Amount: $1,100 million, comprising a $1 billion fully underwritten institutional placement and a $100 million SPP.

Offer price: $25.60 per new share, representing a 7% discount to the last closing price.

Reason: To purchase the Fruta del Norte Financing Facilities and to fund future growth options such as the construction of declines at Havieron and Red Chris.

NEXTDC Ltd (ASX: NXT)

Amount: $862 million, comprising a $672 million fully underwritten institutional placement and a $190 million SPP.

Offer price: $7.80 per new share, representing a 15% discount to the last close price.

Reason: Support its growth agenda, including the proposed development of a new data centre in Sydney, together with the balance sheet flexibility required to accelerate and expand a range of growth initiatives in line with recent and expected material customer contract wins.

oOh!Media Ltd (ASX: OML)

Amount: $167 million, comprising a $39 million fully underwritten institutional placement and a $128 million accelerated non-renounceable pro-rata entitlement offer.

Offer price: 53 cents per new share, representing a 37% discount to the last closing price.

Reason: To pay down company debt in order to strengthen its balance sheet and support the continuation of the its growth despite present market conditions.

Oil Search Limited (ASX: OSH)

Amount: $1,160 million, comprising a $760 million underwritten institutional placement and a $400 million accelerated non-renounceable entitlement offer.

Offer price: $2.10 per new share, representing a 23.1% discount to the last closing price.

Reason: The proceeds will be used to strengthen Oil Search’s balance sheet and increase liquidity, so that it can withstand a prolonged period of low oil prices.

QBE Insurance Group Ltd (ASX: QBE)

Amount: US$825 million, comprising a US$750M fully underwritten institutional placement and a US$75 million SPP.

Offer price: A$8.25 per new share, representing a 9.4% discount to the last closing price.

Reason: The equity raising will be used to position QBE with demonstrable capital strength to navigate a broad range of severe economic scenarios.

Qube Holdings Ltd (ASX: QUB)

Amount: $500 million, comprising a $500 million fully underwritten accelerated non-renounceable entitlement offer.

Offer price: $1.95 per new share, representing an 11.8% discount to the last closing price.

Reason: To provide significant balance sheet flexibility, support continued investment in Qube’s core business, and strategic acquisitions.

Ramsay Health Care Limited (ASX: RHC)

Amount: $1,400 million, comprising a $1,200 million underwritten institutional placement and a $200 million SPP.

Offer price: $56.00 per new share, representing a 12.9% discount to the last closing price.

Reason: The proceeds will initially be used to partially repay Ramsay Funding Group’s revolving debt facilities which will remain available for redraw.

Resolute Mining Limited (ASX: RSG)

Amount: $196 million, comprising a $146 million fully underwritten institutional placement, an additional $25 million placement to Resolute’s directors and largest shareholder, and a $25 million SPP. 

Offer price: $1.10 per share, representing a 6.4% discount to its last close price.

Reason: To repay all amounts outstanding under its US$130 million Toro Gold acquisition finance facility.

Southern Cross Media Group Ltd (ASX: SXL)

Amount: $169 million, comprising a ~$47 million fully underwritten placement to institutional and sophisticated investors and a $121 million entitlement offer.

Offer price: 9 cents per new share, representing a 45.5% discount to the last traded price.

Reason: To strengthen its balance sheet, reduce net debt, and to fund transaction costs.

Webjet Limited (ASX: WEB)

Amount: $346 million, comprising a $115 million fully underwritten institutional placement and a $231 million entitlement offer.

Offer price: $1.70 per new share, representing a 37.7% discount to the last closing price.

Reason: To strengthen its balance sheet in light of the continued impact of COVID-19 and associated government restrictions impacting travel globally. Proceeds expected to be sufficient to provide for operating costs and capital expenditure through to the end of 2020, even assuming severe travel restrictions continue.

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James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd. The Motley Fool Australia owns shares of and has recommended Bapcor and Webjet Ltd. The Motley Fool Australia has recommended Cochlear Ltd., Flight Centre Travel Group Limited, InvoCare Limited, oOh!Media Ltd, and Ramsay Health Care Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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