Builders Merchants Journal – BMJ Publishing to Builders Merchants and the UK merchanting industry for more than 95 years
Builders merchant group Travis Perkins has received take-up of 92.7% for the fully underwritten 7 for 10 rights issue. The aim was to raise £314m gross and £300m net.
The group has received valid acceptances in respect of 79.6m new shares, while bankers Citigroup Global Markets and HSBC Bank plc, have found takers for the 6.8m remaining new shares at a price of 550p per share.
Travis Perkins will use the money to reduce the £1bn debt pile and improve the trading position through the recession.
