Petra Diamonds to Raise $178 Million to Help Lower Debt
- Miner has faced weak prices, stronger rand, debt concerns
- Petra’s stock slumps as much 18 percent, most since January
The Cullinan diamond mine owned by Petra Diamonds.
Photographer: Brooks Kraft/SygmaThis article is for subscribers only.
Petra Diamonds Ltd. plans to raise $178 million from shareholders as the southern African gem miner seeks to cut a debt load that has seen it breach its banking terms.
Petra will sell shares at 40 pence each, which compares with Wednesday’s closing prices of 76 pence, and RBC Capital Markets, Barclays Plc and BMO Capital Markets are running the sale, the company said in a statement Thursday. The stock slumped as much as 18 percent, the most since January.