John Singleton's STW Communications Group will use the $61 million it raised on Tuesday to reduce debt and accelerate the buy-out of minority partners in some of the companies in which it has invested in recent years.

Chief executive Russell Tate said the placement of 20 million shares at $3.05 a share a 3.5 per cent discount to STW's closing price before Tuesday's trading halt with institutional investors was "significantly oversubscribed".