Transurban Capital Raising
Transurban has announced a $4.2 billion equity raising via a 10 for 57 accelerated pro-rata renounceable entitlement offer at 1080c with retail entitlements trading. The last trade price was 1210c. It is currently in a trading halt and will resume trading tomorrow.
The capital raising is all part of their purchase of a 51% equity stake in Westconnex $9.3 billion of which they are taking 25.5%. This is a New South Wales government three stage tollroad project that will become operational in 2028.
As well as the capital raising they are also raising $600 million by replacement to certain STP (Sydney Transport Partners) consortium members. The deal has FIRB approval and is expected to be completed at the end of September. The TCL has been in a trading halt since the announcement.