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  • Superloop (SLC) receives firm commitments to raise roughly $79 million via a placement and institutional entitlement offer
  • Yesterday, the company announced it will be acquiring internet services provider Exetel for $110 million
  • Exetel is a leading Australian private and independent internet services provider with over 110,000 residential and business customers
  • To raise the $79 million, roughly 85 million shares will be issued to institutional and sophisticated investors at 93 cents
  • Superloop is up 3.07 per cent on the market and shares are trading at $1.06 at 1:40 pm AEST

Superloop (SLC) has received firm commitments to raise roughly $79 million via a placement and institutional entitlement offer.

Yesterday, Superloop announced it will be acquiring internet services provider Exetel for $110 million.

Exetel is a leading Australian private and independent internet services provider with over 110,000 residential and business customers.

For FY21, it is expected to generate around $159 million and have $11 million in earnings before interest, tax, depreciation and amortisation.

To raise the $79 million, approximately 85 million shares will be issued to institutional and sophisticated investors at 93 cents.

This price represents a 10.6 per cent discount to the company's close of $1.04 on June 4.

Shares are expected to be issued on June 18 and begin trading on the ASX the same day.

Superloop will now undertake a retail entitlement offer to raise roughly $21 million. The offer will open on June 16 and is expected to close on June 29.

Eligible shareholders will be able to subscribe for one new share for every 6.67 held as of June 10 at the offer price of 93 cents.

Shares will settle on July 5, be allocated on July 6 and begin trading on the ASX on July 7.

Shareholders who take up their full entitlement may also participate in a top-up facility and apply for additional shares in excess of their entitlement.

Combined, the placement and institutional and retail entitlement offers will raise $100 million with the remaining $10 million to be raised through a vendor placement.

This will see 9.9 million Superloop shares issued to the vendors at $1.01 each.

Superloop was up 3.07 per cent on the market with shares trading at $1.06 at 1:40 pm AEST.

SLC by the numbers
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