La Polar Hits Target

Chile’s La Polar has raised CLP127bn ($269m) through an equity offering closed last week, it says, topping a CLP120bn goal. The retailer has sold 720m shares, with pricing set as the average price of the three days prior to the buyer’s subscription minus a 5% discount. The shares closed at CLP208.33 Friday. The offer raises funds to remodel stores in Chile and to expand in Colombia, and is done as part of a $900m restructuring agreement with creditors. The retailer set aside nearly $1bn-equivalent in loan loss provisions last year amid accusations of fraud after the company arbitrarily overcharged its credit clients. Celfin is managing the capital raise, and Lazard is the advisor on the restructuring.