Jobs website Seek had announced its intentions to issue subordinated notes through an offer to eligible shareholders, as well as through a bookbuild with retail brokers and institutional investors.
However, today Seek said it would no longer proceed with the offer.
“Seek was not satisfied that it would achieve acceptable terms at this point in time and believes it is not in the best interests of shareholders to proceed,” the company said in a statement.
The funds were going to be used to reduce part of the company’s debt and to provide flexibility to fund new investments in its business.
Shares in Seek fell on the news to $6.55.
This article first appeared on SmartCompany.