Australian BNPL firm Zip to raise about $180 mln to repay debt (updated)

Zip Co

17/07/2024 01:11

(Recasts paragraph 1 and adds details on capital raise in
paragraphs 2-3)
       July 17 (Reuters) - Australia's Zip Co  ZIP.AX  plans to
raise about A$267 million ($179.66 million) in fresh capital to
repay its corporate debt early and strengthen the balance sheet,
the buy-now-pay-later company said on Wednesday.  
    Zip will raise A$217 million through a share placement,
while the rest will be raised through a non-underwritten share
purchase plan, the company said, adding that the proceeds will
also be used to repay the associated exit fee. 
    The issue price of A$1.52 per share is at a 5.3% discount to
the stock's last closing price of A$1.61 on Tuesday. 

    ($1 = 1.4861 Australian dollars)
    

 (Reporting by Archishma Iyer; Editing by Sherry Jacob-Phillips)
 ((Archishma.Iyer@thomsonreuters.com;))