AustralianSuper takes pressure off Syrah Resources | copyright link...

AustralianSuper takes pressure off Syrah Resources | copyright link

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Former BHP executive Shaun Verner is at the helm of Syrah Resources. Josh Robenstone

The nation's largest superannuation fund has emerged as a significant supporter of Syrah Resources' surprise equity raising.

Sources said AustralianSuper was on the hook for half of the graphite hopeful's $25 million institutional placement, unveiled on Tuesday as part of its $110 million equity raising. The Ian Silk-led fund will also help to sub-underwrite the raising.

AustralianSuper is currently Syrah's second largest shareholder with a 7.9 per cent stake and has held a substantial position in the company since June 2016, according to S&P Capital IQ.

The fund's support is a win-win for Syrah which had been looking to tap debt markets but decided to return to a well-trodden equity path after debt funding appeared too costly and laden with restrictions.

However, other Syrah shareholders set to be diluted by the placement are likely to be less pleased.

Investors hadn't anticipated the company would need to raise more equity and had been sure it would successfully lock down the $US50 million working capital facility it had been examining.

Syrah raised $194 million in June 2016 and $211 million in August 2015 under former managing director Tolga Kumova. Former BHP executive Shaun Verner is now at the helm.
Credit Suisse and UBS ran the deal.