Vapores Launches Rights Offer

Chilean shipping company Compania Sud Americana de Vapores has launched an equity rights offering targeting up to $327m, it says. It is selling up to 6.75bn new shares at CLP24.90 ($0.05) each through September 18. The sale comes under a $500m approval received earlier this year, and the company says it does not rule out holding an additional sale to bring the fundraising to that target. The Grupo Luksic-controlled is raising funds to purchase new vessels and prepay a $260m loan from American Family Life Assurance Company. It also planned to use a loan of up to $140m with Bladex to prepay the debt.