In the face of difficult market conditions, the deal was priced almost at the very bottom of its indicative range and slightly scaled back in size to ensure a full order book. Led by ING Barings, the company raised $56.4 million rather than the $80 million it had been hoping for and reduced a greenshoe consisting of five million old shares to one million.
In total, the company offered 25 million new shares, where five shares equal one DR unit. Pricing at $11.27, represents to a 9.9% discount to a 30 day average 0% to 10% indicative and a 16% discount to spot. With fees totalling 3%, ABN AMRO was co-lead,...
