Roads developer Transurban (ASX:TCL) has wrapped up their $4.23 billion raising launched in September after completing the retail component of their entitlement offer, which closed at a $371 million shortfall.
Last month, Transurban launched a bid to acquire a 49 per cent stake in Westconnex from the NSW Government for $11.1 billion, while Sydney Road Partners own the remaining.
Under the retail offer, Transurban issued 82.1 million securities at $13 per share to retail investors. Around 28.6 million new shares under the retail bookbuild were offered for sale at $13.30 per security, a $0.30 per security premium over the issue price of $13.
The funding announced today represents the final stage of Transurban’s capital raising, despite a $371 million shortfall. Shares are slated to be allocated next Monday 18 October. Accordingly, retail security holders who elected not to take up their entitlements and ineligible retail investors, will receive $0.30 retail premium for each new share not taken up under the retail component.
A large portion of the capital raising was funded from the institutional componenet of the offer via a placement to Sydney Transport Partners (STP) consortium member AustralianSuper, in which they successfully raised $2.9 billion.
“We now look forward to financial close of the WestConnex acquisition and continuing to work with our partners and the NSW Government as we deliver and operate this transformational asset for Sydney,” said CEO Scott Charlton.
Shares in Transurban (ASX:TCL) are trading 0.9 per cent higher at $13.68.