Seek announces capital raising

Jobs website Seek Ltd has maintained full-year earnings guidance and says it will raise $125 million to repay debt and fund investment.

Seek has announced plans to issue subordinated notes through an offer to eligible shareholders, as well as through a bookbuild with retail brokers and institutional investors.

The company said funds raised would be used to pay down part of its existing syndicated debt facility, provide greater diversity in the source and maturity profile of its funding and offer flexibility to fund further investment in the business.

“Seek subordinated notes will further strengthen Seek’s capital position by providing diversity, flexibility and increased tenure to its capital structure,” Seek chief financial officer John Armstrong said in a statement.

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