May 8, 2018 / 2:23 PM / a year ago

South Africa's Sun International to offer 25.9 million shares in rights offer

JOHANNESBURG, May 8 (Reuters) - South African hotel and casino operator Sun International Ltd said on Tuesday it planned to offer 25.9 million shares in a rights offer that the firm hopes will raise around 1.5 billion rand ($119 million) to repay debt.

Sun International said it plans to offer the shares at 57.82 rand per rights offer share in the ratio of 25.34 rights offer shares for every 100 existing Sun International ordinary shares held on the record date of May 18, 2018.

“The proceeds from the rights offer will be used to repay debt, thereby creating head room in relation to relevant debt covenants,” the firm said

The firm said Value Capital Partners would partially underwrite the rights offer up to a maximum amount of 750 million rand. ($1 = 12.6043 rand) (Reporting by Tanisha Heiberg; Editing by Adrian Croft)

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