Copeinca to Boost Float with $130m Equity Raise

Oslo-listed Peruvian fishing company Copeinca is raising at least 780m Norwegian kroner ($130m) via a marketed private placement of shares this week to help pay for the acquisition of Piangesa, another fishing company. The company’s officials are on roadshow in New York and Europe, including stops in Frankfurt, London and Oslo. The deal will up the company’s float by 26% to 58.5m shares, from 46.5m, in a transaction that is dilutive to existing shareholders. The company recently issued 6.2m shares to help pay for another acquisition and raised a $185m loan at Libor plus 350bp via Credit Suisse and three other banks for acquisitions and general purposes. The private placement of shares will close Thursday, and is being managed by Glitnir Securities and SEB Enskilda, two Norwegian firms.