Prosafe, the world’s largest provider of offshore accommodation rigs, has raised NOK 590 million in gross proceeds through a private placement of shares. Converted to U.S. dollars, Prosafe raised around $69 million.
The company placed 23,597,300 new shares, each with a par value of EUR 0.25 at a subscription price of NOK 25 per share, representing a premium of 4.6% to the closing price December 3, 2015
According to the company, the Private Placement, which represents approximately 9.99% of the current outstanding shares, was over-subscribed at the subscription price and supported by existing and new institutional investors.
Prosafe on Friday said it would use the cash raised to strengthen the company’s balance sheet and liquidity position as well as for general corporate purposes.
“The proceeds will further strengthen the Company’s ability to work proactively with all stakeholders, and allow the Company to be in a better position to execute on preferred initiatives in the near term challenging market,” Prosafe said adding that, the shares are expected to be delivered to investors on December 8, 2015, subject to timely payment.