PDN will raise $144 million in an equity offer and make a $61 million placement to a new strategic investor to bolster its balance sheet ahead of a convertible bond payment due in 12 months’ time.
The recapitalisation will see China-focused private equity firm HOPU Clean Energy (Singapore) Pte take up about 145 million shares in Paladin, or a stake of about 15 per cent, at 42¢ a share.
The price of the strategic placement is about 15 per cent higher than the 30-day average for Paladin’s stock.
