Reuters: TomTom Rights Offer Is Successful

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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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