Belgium's Ontex plans to raise up to $844.1 mln via share offer

BRUSSELS, June 11 Wed Jun 11, 2014 2:22am EDT

BRUSSELS, June 11 (Reuters) - Belgian diaper maker Ontex plans to raise between 583 million and 620 million euros ($793.76 - $844.13 million) by selling new and existing shares on the Brussels stock exchange, the group said on Wednesday.

The group said this implied an enterprise value of between 1.74 billion and 1.94 billion euros for the company as a whole. TPG and Goldman Sachs acquired the firm in 2010 for a reported 1.2 billion euros.

Ontex will sell 325 million euros worth of new shares at between 16.5 and 20.5 euros a piece and up to 7 million existing shares to institutional and retail investors to pay down debt. The business had net debt of 862 million euros as of March 31 this year.

Depending on demand, Ontex said it had an option to increase the number of shares sold by 15 percent, bringing the stake sold on the market to 48.1 percent.

Whitehaven B, an investment vehicle controlled by private equity firm TPG and Goldman Sachs, would continue to hold 45.8 percent in the company.

The listing is being led by Bank of America Merrill Lynch , Goldman Sachs and UBS. JP Morgan is a bookrunner. ($1 = 0.7345 Euros) (Reporting by Robert-Jan Bartunek; Editing by Miral Fahmy)

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