TomTom to Raise EU430 Million in Equity Offering and Placement

European Private Placement — TomTom NV, Europe’s largest maker of car-navigation devices, said it plans to raise 430 million euros ($601.4 million) in a fully committed rights offering and through a private placement via private placement offering memorandum.

Amsterdam-based TomTom will use the proceeds to pay down debt, the company said late yesterday in a statement on its Web site. The manufacturer said its lenders also agreed to change the terms of its financial covenants to provide “greater headroom.”

TomTom, a competitor of U.S.-based Garmin Ltd., has 1.16 billion euros of net debt after it bought navigation firm Tele Atlas for 2.9 billion euros to gain access to the market for digital maps and to expand services.

The company will sell 359 million euros of equity through a rights offer and 71 million euros through a private placement. The company’s four founders, including Janivo Holding BV and Cyrte Investments BV, will buy 169.3 million euros of shares.

ABN AMRO Bank NV, Deutsche Bank AG, Goldman Sachs International, and Rabo Securities will underwrite the issue, TomTom said.

The stock for the private placement will be issued at a price of 6.1234 euros per ordinary share.

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