Cardno looks to cut its debt

Infrastructure services firm Cardno has launched a $92.5 million capital raising, and plans to use the proceeds to cut its debt.

Infrastructure services firm Cardno is offering new shares to investors to raise $92.5 million that will help reduce its debt.

"After this capital raising, Cardno will have reduced its net debt from $311 million in June 2015 to a forecast $91 million as at June 2016," managing director Richard Wankmuller said.

Cardno is offering new shares to existing shareholders for 40 cents each. The company's shares are current halted from trade at 93 cents.