InvoCare has entered a trading halt as it raises $150m through Morgan Stanley.
The funeral company is offering shares at $10.40 each by way of an underwritten institutional placement and up to $50m through a share purchase plan.
The raise is at a 7.8 per cent discount to its last closing share price.
It takes its debt levels to 1.5 times its 2019 earnings before interest, tax, depreciation and amortisation. The raise will strengthen the company’s balance sheet and help to accelerate growth.
Goldman Sachs well placed with Real Pet Food sale imminent
Investment bankers have recently entered a beauty parade in the hope of landing the job of selling the pet food company.
KKR weighing up $8bn office landlord Dexus
Blackstone made another bid for the real estate and infrastructure group last year, and now its major private equity rival is said to have been looking.