Fortescue prices $440 million placement

The Australian iron ore hopeful taps the international equity markets, accepting a 9% discount for the new shares.

AustraliaÆs Fortescue Metals has raised $440 million from international equity investors in a placement which priced overnight at A$36 per share. The price represents about a 9% discount to the shareÆs latest close, but a zero discount to the volume-weighted average share price over the last 20 trading days.

The company issued 14 million new shares, representing about 5% of its total issued capital. Allocations were confirmed last night after the deal was upsized from its initial target of $300...

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