MMA Offshore recap $100m deal

Fundies back MMA Offshore recap, $100m deal set to launch

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Street Talk. Hakon Mosvold Larsen
MMA Offshore - the marine services company formerly known as Mermaid Marine Australia - has secured support from key cornerstone backers for a $100 million recapitalisation.
Street Talk understands MMA will launch the deal on Thursday morning with the help of its broker Shaw and Partners, which has also underwritten the offer.
MMA is one of the biggest providers of marine logistics services to offshore oil and gas companies in Asia Pacific.
It has about 1000 employees, 30 vessels and reported $221.8 million revenue last financial year.
However, the company has been burdened by its $300 million net debt balance, and has already made efforts to shore up the balance sheet via asset sales.
The $100 million equity raising is expected to help pay down that debt and reduce gearing which was 111.4 per cent as at June 30.
It's understood Shaw and Partners have underwritten the deal, following support from some institutional investors