Adelaide aims for A$100 million placement of stock, share buyback plan; Equity One to sell stock

By Stephanie N. Rotondo

Portland, Ore., April 8 - Not many deals came to market on Wednesday, which was likely due to the shortened holiday week.

Of the deals that did come, Adelaide Brighton Ltd. announced both a private placement of stock and a share purchase plan. The total of the two deals is expected to hit about A$100 million.

Meanwhile, Equity One Inc. is planning both a direct offering and a public offering, according to a press release. A total of about 6.2 million shares will be issued - 2.2 million to one investor - with a greenshoe of 600,000 shares.

Adelaide aims for A$100 million

Adelaide Brighton, an Australian cement manufacturer, is planning to raise up to A$100 million in two separate deals, the company announced.

The company is aiming to raise A$75 million through an underwritten private placement of stock. The stock will be sold at A$1.78 each, which represents an 11.9% discount on the share price as of April 7.

Additionally, the company is planning an A$25 million share purchase plan.

Proceeds from the financings will be used to strengthen the balance sheet, as well as to increase funding flexibility for pursuing growth initiatives.

"Following the placement, Adelaide Brighton's gearing [net debt to equity] is expected to fall to circa 40%, which is at the lower end of the company's target range of 40% to 60%," the company said in a press release.

Also, Adelaide's shares were halted in trading on Wednesday following the news. The shares are expected to resume trading on Thursday, according to The Brisbane Times.

Adelaide's stock (Australia: ABC) closed at A$2.02.

Equity One to sell stock

Equity One announced a direct offering of shares to MGN America LLC.

MGN will purchase 2.2 million common shares. The purchase price will be the same as the price of a subsequent public offering of 4 million shares that Equity One is also planning, according to a press release.

The release did not state what that price would be.

Proceeds from both financings will be used to pay down the company's revolving credit facility, as well as for general corporate purposes.

Equity One's stock (NYSE: EQY) fell 34 cents, or 2.19%, to $15.21.

Equity One is a North Miami Beach, Fla.-based real estate company.

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