Wesfarmers To Refinance Debt With US$2.4bn Rights Issue

April 2008 | Corporate Financing News Alert

Wesfarmers shares were suspended on April 21 to allow the Perth, Australia-based conglomerate launch a rights issue worth AUD2.57bn (US$2.42bn). Wesfarmers, Australia's largest retailer, will offer shareholders the new shares at AUD29 each for every eight shares they own. The offer is a 22% discount on the last traded price of AUD36.97. Shares will resume trading on April 28.

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