NOL raising $985 million

NOL raising $985 million    Neptune Orient Lines said Friday that based on a preliminary tally a secondary stock offering “rights issue” had been fully subscribed.
   The company said the offering will allow it to raise gross proceeds of about $1.4 billion Singapore dollars (about $985 million) based on an exchange rate of $1 to S$1.4586).
   When the deal was announced in June, NOL said it planned to use about half of the net proceeds to repay debt and the remainder for investments if opportunities arise, general corporate and working capital purposes, or to further pay down debt.
   It said the enhanced financial flexibility from the new funds would position the company to “capitalize on investment opportunities that may arise in the current economic climate.”