Archer Ltd: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
Provider: Wright Reports
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Archer Ltd Contemplates Private Placement
Archer Ltd announced that it has retained RS Platou Markets AS, Carnegie AS, Danske Bank A/S, DNB Markets, Nordea Markets, Pareto Securities AS, SEB Enskilda, and Swedbank First Securities, as Joint Lead Managers and Joint Bookrunners (the Managers) to advice on and effect a private placement of new shares directed towards Norwegian investors and international institutional investors. The gross proceeds of the contemplated Private Placement will amount to USD 250 million through an issue of new ordinary shares (the Offer Shares). The order price has been set to USD 1.20. The Offering is fully underwritten by the five largest shareholders (the Underwriters). The Underwriters will receive an underwriting fee of USD 5 million which will be payable in shares in the Company. The Underwriters are also guaranteed to be allotted a minimum number of Offer Shares corresponding to the lower of their pro-rata shareholding and the number of Offer Shares they have guaranteed to subscribe for in the Offering Underwrites. The minimum order in the Private Placement has been set USD 1 million. The proceeds from the Private Placement will be used to finance USD 100 million to prepay the November 2013 debt installment, and USD 150 million to reduce other debt facilities. The application period starts on February 7, 2013 at 16:30 CET and will close on February 8, 2013 at 08:30 CET.
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