19th May 2020 10:04
(Alliance News) - Beazley PLC said Tuesday it has raised GBP247 million through a share placing, the proceeds of which will go towards positioning the business for future growth opportunities as well as strengthening its balance sheet amid continued uncertainty.
The FTSE 250-listed insurer issued 78.5 million shares at a price of 315 pence per share, reflecting a discount of 4.9% to the closing price on Monday of 331.4p.
Shares in Beazley were 8.9% higher at 360.80p on Tuesday in London.
For the bookbuild process, Numis Securities Ltd and JP Morgan Cazenove acted as joint bookrunners.
In April, the company forecast USD170 million in losses resulting from the Covid-19 pandemic, net of reinsurance. At the time, it had drawn down a USD140 million letter of credit from its USD225 million banking facility. Following that, it increased the banking facility to USD450 million and withdrew an additional USD85 million, taking its available credit under the facility to USD225 million.
Beazley now has 608.5 million shares issued overall.
By Dayo Laniyan; [email protected]
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