UPDATE 1-Dutch Draka to issue 100 mln euros in new shares

* To issue 100 million euros worth of new shares

* Half taken up by private placement

* Proceeds to be used for improving finances, restructuring

(Adds detail, securitisation arragement)

AMSTERDAM, Oct 1 (Reuters) - Dutch cable manufacturer Draka Holding NV DRAK.AS said on Thursday it will issue 100 million euros of shares, representing 20 percent of the company's issued share capital, in order to restructure and improve its finances.

Half of the offering of 8.12 million new shares has been taken up by Flint Beheers, one of Draka's largest shareholders. The rest is scheduled for an accelerated bookbuild offering starting on Friday, Draka said in a statement.

Draka is Europe's third-largest cable maker with operations in 30 countries in Europe, America and Asia.

Of the total proceeds, 75 million euros will be used to "strengthen the company's financial position" Draka said, while the rest will be used for restructuring measures.

Additionally, Draka also secured a standby arrangement with ING Commercial Finance to sell up to 50 million euros of its accounts receivables if necessary, within the next two years. (Reporting by Reed Stevenson; Editing by David Cowell)