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Reuters: TomTom Rights Offer Is Successful

Amsterdam, The Netherlands. -TomTom’s recent share offer, aimed
at reducing the company’s debt, attracted a 96 percent take-up rate, said
Reuters.

TomTom issued a 5-for-8 rights offer at $5.90/share and said it
sold 3.4 million shares to institutional investors in a rump offering at $7.90/share.
The company said in June it hoped to raise $600
million
to repay debt through the rights offering.

TomTom’s debt load stems from its purchase of map maker Tele
Atlas in June last year for $4.3 billion. In April, TomTom reported
a net debt of $1.5 billion.

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