Australia’s Ten Looking for $195.1 Million Injection

SYDNEY: Ten Network is seeking to raise AUD$200 million ($195.1 million) to put toward programming and to strengthen its balance sheet.

Ten plans to offer its shareholders three new shares for every eight held, at a price of 51 cents each. Ten shares are currently in a trading halt to allow for the capital raising. The funds raised would give the network the flexibility to refinance, ahead of a AUD$210 million debt maturity in March 2013.

"Given the uncertain revenue environment and our strategy of investing in programming renewal, the board felt it was important to strengthen our balance sheet at this time," said Lachlan Murdoch, the company’s chairman.