Ryman Healthcare Limited

Ryman Healthcare was put in a trading halt yesterday to announce a $902m capital raise, intended to pay down its debt, lowering gearing (LTV) from 45.3% to 33.9%. Shareholders will be offered one share for every 2.81 at $5.00 each, at a 22% discount to the previous trading price. Ryman has historically avoided capital raises, preferring to use debt, but as the company is already quite highly geared management has no choice but to go the capital raising route.