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South Africa's Woolworths plans $940 mln rights offer
August 29, 2014 / 11:06 AM / 3 years ago

South Africa's Woolworths plans $940 mln rights offer

JOHANNESBURG, Aug 29 (Reuters) - South Africa’s Woolworths plans to raise 10 billion rand ($940 million) through a rights offer to help repay financing for its acquisition of Australia’s David Jones, the company said on Friday.

Woolworths, an upscale retailer of food and clothing, this month finalised its A$2.2 billion ($2 billion) purchase of Australia’s second-largest apparel retailer to create a global player focused on the southern hemisphere.

The deal was partly financed by short-term funding from banks, including Citigroup, JPMorgan Chase & Co and Standard Bank, which needs to be repaid, Woolworths said in a regulatory filing.

The company said it plans to release details of the rights offer on Tuesday, with the offer to close on September 26.

Shares of Woolworths were flat at 1054 GMT. (1 US dollar = 1.0707 Australian dollar) (1 US dollar = 1.0708 Australian dollar) (Reporting by David Dolan; Editing by Joe Brock)

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