Cobham £506m rights issue 97% subscribed

Aerospace and defence firm Cobham said its one-for-two rights issue had been 97.21% subscribed.

The 89p-a-share issue announced earlier this month will raise £506.7m to reduce debt.

Chief executive officer Bob Murphy said at the time that the issue would put Cobham on a “sound financial footing by reducing gearing towards its target of below 2x net debt to EBITDA”.

The company added after trading had started that BofA Merrill Lynch and Jefferies International Limited had found buyers for the remaining 15.877m shares not taken up at a price of 138p each.