- PSC Insurance Group (PSI) has received binding commitments for a placement to raise $80 million
- The finance stock will issue roughly 17.7 million to investors at $4.50 per share, representing a 5.3 per cent discount to the closing price on March 9
- PSC says it will use the money to support future mergers and acquisitions as well as to maintain current debt levels
- PSC shares have ended Friday’s session 4.55 per cent in the red to close at $4.62
PSC Insurance Group (PSI) has received binding commitments for a placement to raise $80 million.
The company will issue roughly 17.7 million shares to institutional and sophisticated investors. Each share will be priced at $4.50 which represents a 5.3 per cent discount to the closing price on March 9.
The funds will be used to support future mergers and acquisitions in line with PSC Insurance’s strategy.
Since January 2021, PSC Insurance has completed 12 acquisitions for a base purchase price of $119 million, contributing $16 million in additional earnings on an annualised basis.
According to PSC, it has a good pipeline of acquisition opportunities and has a particular focus on acquisitions of the UK and Australian commercial broking businesses, with a number under due diligence.
The money will also support the company in maintaining current debt levels reflecting global market volatility.
PSC ended Friday’s session 4.55 per cent in the red to close at $4.62.