In response to strong demand.
Accounting software vendor MYOB has increased its capital raising to $150 million from $125 million through a subordinated notes offering to the Australian Stock Exchange.
The initial bookbuild process had been successfully completed and revealed strong support from brokers and institutional investors, to whom MYOB had allocated $150 million “on a firm basis”, the company said in a press release. The final size of the share raising would depend on the volume of applications received and accepted under the general offer which closed on 12 December.
“We are very pleased with the positive reaction and support received since announcing the Offer of MYOB Subordinated Notes. In response to strong market demand, we have increased the size of the Offer and are looking forward to opening the General Offer,” said Tim Reed, MYOB’s CEO.
The margin has been set at 6.70 percent per annum, which is at the bottom end of the marketing range, the release said.
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