To be undertaken in four tranches at the share price of $1.10, 73c below Friday’s close, the first consists of a 1-for-1 underwritten accelerated non-renounceable pro-rata entitlement offer to existing shareholders to raise $769 million.

This offer will include a $330 million institutional component and a $439 million retail component.

The second tranche comprises of a $231 million underwritten unconditional placement to professional and sophisticated investors.

The third tranche is a $1 billion underwritten conditional placement to professional and sophisticated investors, with Asciano saying the settlement is subject to approval from an extraordinary general meeting.

The last tranche is up to an additional $151 million through a non-underwritten conditional placement to Asciano chief executive officer Mark Rowsthorn.

Asciano said Rowsthorn may maintain but cannot increase his current 10.92% stake of the company by fully participating in this offer.

The settlement of Rowsthorn’s tranche is also subject to EGM approval.

Asciano said all proceeds would be primarily used to reduce net debt.

The company said its Pacific National coal business was largely unaffected by the global downturn with growth maintained in the past six months by increases in export tonnes and in average haul length.

Revenue for this financial year is forecast to be $530 million, up 14.71% from $462 million in the previous financial year.

Asciano has forecast earnings before interest, taxes, depreciation and amortisation of $147 million, up 14.84% from $128 million realised in the last financial year.

However, the company expects its non-bulk rail operations to remain under financial pressure into the next financial year.

For this financial year Asciano is forecasting EBITDA of $655 million while for the next financial year it is expecting EBITDA of $675-700 million.

The conditional and unconditional placement and institutional entitlement offers are open today and close tomorrow.

The retail entitlement offer will open June 23 and the final closing date will be July 13.

The EGM is expected to be held on July 22 to vote on the conditional placements.

Asciano had a net debt of $4.59 billion at the end of last year.

Shares in Asciano remain in a halt at $1.83.