"With debt so cheap why the cap raise?"
Good question.
I guess the board has a view that the cost of equity capital is even cheaper than the cost of debt capital
(Which is another way of saying the company's scrip is richly priced).
Which also accords with the fact that the company hasn't bought back any of its own shares since September 2017, when the share price was around $140.
So, the board was buying shares @~$140 and is now selling shares @~$300.
.
Capital Raising, page-22
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$285.54 |
Change
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Mkt cap ! $138.2B | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
|---|---|---|
| 2 | 368 | $285.31 |
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|---|---|---|
| $285.54 | 425 | 1 |
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