Raffles Education raises $70 million

The education services provider raises cash to pay off debt and clear outstanding payments for a university in China.

Singapore-listed Raffles Education Corporation yesterday completed a top-up placement to raise S$102.4 million $70 million. The company took advantage of a rally in its share price to raise capital to pay off debt and keep up with payments for a university purchased in China.

The deal consisted of 160 million shares, offered at a price between S$0.62 and S$0.65 apiece, which represented a discount of between 5.1% and 9.5% versus yesterday's closing price. The deal priced near the top,...

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