27th Oct 2015 12:13
LONDON (Alliance News) - Aircraft services company BBA Aviation PLC on Tuesday said it has completed its rights issue launched to provide funding to back the acquisition of US rival Landmark Aviation.
BBA struck a deal to buy Landmark in September for USD2.07 billion and said the deal would be partly funded by a USD748.0 million rights issue.
Early Tuesday, it said it had received valid acceptances for 97.7% of shares to be issued under its rights issue. The six-for-five rights issue of 562.3 million shares at 133 pence each closed for acceptances on Monday.
JP Morgan Securities PLC, JP Morgan Cazenove, and Jefferies International Ltd then secured subscribers for the remaining 2.3% of the shares via a rump placing later on Tuesday, meaning all of the shares have now been subscribed for.
BBA shares were down 1.8% to 197.3 pence on Tuesday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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