This year there have been a large number of companies announcing capital raisings.
While the majority of these came at the height of the COVID-19 pandemic, they continued in May.
Here are all the capital raisings that occurred on the S&P/ASX 200 Index (ASX: XJO) last month:
Atlas Arteria Group (ASX: ALX)
Amount: $495 million, comprising a fully underwritten $420 million institutional placement and a non-underwritten Share Purchase Plan (SPP) to raise up to $75 million.
Offer price: $6.20 per new share, representing a 7.5% discount to its last close price.
Reason: The proceeds will be used to repay its existing €350 million MIBL Facility.
Blackmores Limited (ASX: BKL)
Amount: $117 million, comprising a fully underwritten $92 million institutional placement and non-underwritten SPP to raise up to ~$25 million.
Offer price: $72.50 per new share, which represents an 8.1% discount to its last close price.
Reason: To accelerate growth in Asia, invest in efficiency program, and position its balance sheet for strength.
Breville Group Ltd (ASX: BRG)
Amount: $104 million, comprising a fully underwritten $94 million institutional placement and a $10 million underwritten SPP.
Offer price: $17.00 per new share, which equates to a 9.1% discount to its last close price.
Reason: To enhance Breville's financial flexibility to continue to invest in the execution of its growth agenda while maintaining a strong financial position. The former includes entering new markets in FY 2021.
Incitec Pivot Ltd (ASX: IPL)
Amount: $675 million, comprising a $600 million fully underwritten institutional placement and a non-underwritten SPP of up to $75 million.
Offer price: $2.00 per new share, which represents an 8.7% discount to its last closing price.
Reason: To take pre-emptive action to strengthen its balance sheet to increase resilience in the current environment and provide financial flexibility to pursue disciplined organic growth opportunities.
Mesoblast limited (ASX: MSB)
Amount: US$90 million (A$138 million) via a placement to existing and new institutional investors.
Offer price: A$3.20 per new share, which represents a 7% discount to its last close price.
Reason: The proceeds will be used predominantly to scale-up manufacturing of its lead product candidate remestemcel-L. This product is for the treatment of critically ill patients suffering with diseases caused by cytokine release syndromes associated with high mortality, particularly COVID-19 acute respiratory distress syndrome.
National Storage REIT (ASX: NSR)
Amount: $330 million, comprising a fully underwritten $300 million institutional placement and a non-underwritten SPP to raise up to a further $30 million.
Offer price: $1.57 per new share, which represents a 7.1% discount to its last close price.
Reason: To strengthen its balance sheet, replenish investment capacity, and provide additional funding flexibility.
Newcrest Mining Limited (ASX: NCM)
Amount: $1.1 billion, 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 its 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.
Qube Holdings Ltd (ASX: QUB)
Amount: $500 million via a fully underwritten 1 for 6.35 accelerated non-renounceable entitlement offer.
Offer price: $1.95 per new share, representing an 11.8% discount to its last close price.
Reason: To leave the company conservatively geared, with significant balance sheet flexibility and liquidity to continue to pursue its robust growth agenda.
United Malt Group Ltd (ASX: UMG)
Amount: $165 million, comprising a fully underwritten $140 million institutional placement and a non-underwritten $25 million SPP.
Offer price: $3.80 per new share, representing an 11.4% discount to its last close price.
Reason: Taking pre-emptive action to strengthen the balance sheet to increase resilience in the current environment and provide financial and operational flexibility to continue disciplined investment.
