Shareholders bought 5,337m shares at a cost of $0.04883618 per share, ahead of the company’s capital increase. The $261m raised constitutes 79% of a total $330m capital CSAV is expecting to raise over the coming days. Remaining shares will now be offered to the market in open auction in the coming days, to be led by BTG Pactual and Santander.
Quiñenco increased its participation in CSAV with an additional $47.4m investment over its pro rata share, to make a total investment of $170.8m. Of the total raised in this pre-emptive right period, $90m relates to other shareholders comprising different private and institutional investors.
Following the capital increase, CSAV plans to use the revenue to purchase seven new 9,300teu container vessels to be delivered from the end of 2014. The acquisition will increase CSAV’s percentage of own fleet, “aligning it with the industry average”.
The capitalization will also be used to repay the debt with Banco Latinoamericano de Comercio Exterior S.A. (BLADEX), linked to the prepayment to AFLAC which generated a gain of $53.8m for CSAV.
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