Shaw and Partners is proud to announce that its Separately Managed Account (SMA) platform has now surpassed $3 billion in Funds Under Management (FUM). Over the past twelve months ... Read More
Zip Co Limited launched a snap $12 million share placement on Monday evening morning to help redeem some of its convertible notes early.
The offer was priced at 62¢ per share, which was a 13.3 per cent discount to Zip’s last close. Shaw and Partners was acting as the joint lead manager and the underwriter.
The broker was expected to shut the book at 8:30pm on Monday, a few hours after Zip announced the plans.
The raising comes as Zip invited some convertible note holders [$400m million Zero Coupon Senior Convertible Notes due 2028] to convert to Zip shares at $12.0576 per share, and receive a cash amount of $17,860 per $100,000 of existing notes.
The equity raising would pay for the cash incentive of the conversion.
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