Travis Perkins receives 92.7% rights take-up

12th Jun 2009 12:33

Building materials supplier Travis Perkins said it has received 92.7% take-up for its fully underwritten 7 for 10 rights issue to raise £314m gross and £300m net.The group said it has received valid acceptances in respect of 79.6m new shares, Citigroup Global Markets and HSBC Bank plc, acting as joint bookrunners, have procured acquirers for the 6.8m remaining new shares at a price of 550p per share.Travis, which has debts of near £1bn, will use the money to help reduce debt and also improve its trading position through the recession.