Categories
Company, Investors
23-04-2009
Masisa completes successful Capital increase process
Raised over US$100 million
• Masisa completed the capital increase process by placing 97.7% of its offering, which has helped raise over US$100 million.
• The preferred stock option was underwritten by the comptroller, institutional investors and minority shareholders.
Santiago, April 23, 2009.- Masisa announced that the capital increase process, which started on March 23, 2009 as part of the financial strengthening plan that began in late 2008, was successfully completed.
The capital increase was conducted through the issue of new payment shares, where shareholders exercised their preferred stock option for the purchase of these new shares at $45.6.
The funds collected will help strengthen the company’s financial stance to better face future scenarios and take advantage of the business opportunities that may arise.
It should be pointed out that on March 23, 2009, Masisa’s comptroller, GrupoNueva, exercised 100% of its preferred stock option, which led to raise approximately US$66 million. Likewise, the remaining underwritten shares correspond to institutional investors and other minority shareholders.
Roberto Salas, Masisa’s General Manager, said he was pleased with the results obtained through the capital increase process. “We are satisfied because GrupoNueva underwrote the full preferred stock option, which is a material sign of trust, from the comptroller, in Masisa, its administration and the company’s future growth plans. Likewise, we have just completed our financial strengthening plan, which will help us establish a solid position and prepare to face any external difficulties and look confidently to the future.”
It is worth mentioning that the financial strengthening plan that started in the second half of 2008, was aimed at obtaining long-term financial resources through a capital increase of US$ 100 MM; the take out of a long-term syndicated bank loan for US$ 103 MM; bond placement for US$ 100 MM; the sale of non-strategic assets in Brazil for US$ 70 MM; the reduction of financial liabilities in bolivares for US$ 67 MM; a long-term bank loan obtained in Chile and Brazil for US$ 30 MM and US$ 45MM respectively; all of which totals over US$ 500 MM.