Anglo Platinum Seeks To Raise $1.6B In Rights Offer

Law360, New York (February 8, 2010, 6:36 PM EST) -- South Africa's Anglo Platinum Ltd. announced Monday it will undertake a $1.6 billion rights offer with the support of its parent company to help eliminate debt that grew in 2009 during a drop in demand for platinum.

The Johannesburg-based company said it will issue about 24.9 million new shares to shareholders for 502.18 rand each, a 27 percent discount from Friday's share price. The offer is expected to reduce the metal producer's pro forma net debt to about $900 million from $2.5 billion at the end...
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