Less than two months after bringing in a new CEO touted as an experienced hand in working out deals to improve a company’s financial footing, the Nordics directory and search company Eniro has announced a rights issue worth SEK 2.5 billion (US$370 million).
The money will be used to reduce Eniro’s SEK 6.4 billion in debt. The company says the issue will reduce its debt-EBITDA ratio from 4.7 to 2.5. Eniro also announced its third-quarter results today. We will have more detail on those results later.