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Phoenix raises £250m to repay debt

by Daniel Grote on Feb 18, 2013 at 07:57

Phoenix raises £250m to repay debt

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.

1 comment so far. Why not have your say?

Dogman

Feb 18, 2013 at 09:35

You can throw all of the money you have at Phoenix, but they will still be an appalling company...

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