Closed life company consolidator Phoenix has raised £250 million through a share issue launched to repay around £450 million of debt.
Phoenix announced details of the capital raising in January, pledging to use the funds alongside existing cash holdings to repay £450 million of debt.
The capital raising was structured in two parts, with existing shareholders offered £170 million of new shares, and hedge fund Och-Ziff injecting £80 million.
Phoenix said it had received a 92.6% take-up of the issuance to existing shareholders, raising around £157 million. Och-Ziff will take up economic exposure to the remaining 7.4% of shares not taken up, alongside a 9.2% stake in the business from its £80 million injection.