Afterpay Ltd has gone into trading halt this morning after announcing a fully underwritten institutional Placement of new shares to eligible investors, to raise a minimum of $300m. The funds are to support Afterpay’s mid-term strategy.
Afterpay is issuing around13.8m New Shares with pricing to be determined via an institutional bookbuild, with an underwritten floor price of $21.75 per New Share. The underwritten floor price represents a 10.0% discount to closing price on 7 June 2019.
A smaller share purchase plan for $30m will follow the Placement with eligible Afterpay shareholders in Australia and New Zealand offered the opportunity to acquire additional shares in Afterpay.
Afterpay's strategy remains focused on global merchant and customer growth, platform innovation and scaling their global infrastructure given an increased appreciation of the size of our global market opportunity and confidence in our differentiated value proposition.
For further information, please see www.afterpay.com.au