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. Last Updated: 07/27/2016

Integra Sells New Shares to Pay Off Loan

Integra Group began selling 38 million new depositary receipts, equivalent to about 26.5 percent of its outstanding shares, to help pay off a loan, the company said Monday.

The oil field services provider plans to raise about $100 million from the offering, it said.

It will use 70 percent of the proceeds to partially repay a $250 million loan arranged by the European Bank for Reconstruction and Development. The remainder will be spent “on growth capital expenditure in 2010 and beyond.”    

(Bloomberg)