AXA's $660 million capital raising
AXA Asia Pacific has announced that it is seeking to raise $660 million via a fully underwritten institutional placement combined with a share purchase plan and a top up offer to eligible shareholders.
Announcing the move on the Australian Securities Exchange today, the company said the exercise was part of its ongoing capital management program.
It said the company intended to reduce its gearing ratio to 41 per cent by repaying $210 million of senior debt, with any amount raised above the targeted $660 million also being used to repay senior debt.
AXA said as a result of the raising, it would not proceed with the underwriting of any shortfall under its Dividend Reinvestment Plan, but that the plan would remain in place for those shareholders who had elected to participate.
AUTHOR
Mike Taylor
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