UPDATE 2-Wavin prices 4-for-1 rights issue at 0.70 eur

* Offering of 325 mln new shares

* At 38 pct discount to theoretical ex-rights price

* Firm says some key shareholders have signed up

* Shares rise 1.75 percent

(Adds shares, analyst comment)

AMSTERDAM, July 6 (Reuters) - Debt-laden Dutch plastic pipe maker Wavin (WAVIN.AS) said on Monday it is pricing a 227 million euro ($317.3 million) rights issue at 0.70 euros per share, in line with one analyst's expectations.

The issue of 325 million new shares, which shareholders approved on Friday, offers 4 shares for each one held at a 38 percent discount to Wavin's theoretical ex-rights price, the company said in a statement.

Wavin, which has been suffering from a slump in European building markets and is seeking to repair its finances, said a number of its key shareholders -- whom it did not name -- had agreed to participate in the offering.

"The details of the rights issue are approximately in line with our expectations," analysts from SNS Securities said in a research note, adding that the discount was in line with recent issues from other Dutch companies.

Wavin, which competes with Finland's Uponor (UNR1V.HE) and Swiss Geberit (GEBN.VX), plans to use the proceeds to pay down debt.

The offering runs from July 6 to July 16, with a rump placement on July 17.

ABN AMRO, ING, MeesPierson and Rabo Securities are underwriting the cash call, which Wavin first announced on June 8.

Wavin shares rose 1.75 percent to 2.90 euros at 0747 GMT in Amsterdam, against a midcap index <.AMX) down 1.6 percent.

($1=.7154 Euro)

(Reporting by Ben Berkowitz; Editing by Hans Peters, John Stonestreet)