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Sun International to offer 25.9 million shares in rights offer

The hotel and casino operator hopes to raise R1.5 billion to settle outstanding debt.
Sun International's Sun City resort. Picture: Supplied

Hotel and casino operator Sun International Ltd said on Tuesday it planned to offer 25.9 million shares in a rights offer that the firm hopes will raise around R1.5 billion to repay debt.

Sun International said it plans to offer the shares at R57.82 per rights offer share in the ratio of 25.34 rights offer shares for every 100 existing Sun International ordinary shares held on the record date of May 18 2018.

“The proceeds from the rights offer will be used to repay debt, thereby creating head room in relation to relevant debt covenants,” the firm said

The firm said Value Capital Partners would partially underwrite the rights offer up to a maximum amount of R750 million. 

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