20th Nov 2020 08:56
(Alliance News) - BBGI Global Infrastructure SA on Friday said it raised GBP55.0 million in a placing which will go towards funding an acquisition and repaying debts.
The infrastructure investment company issued 32.5 million shares at 169.0 pence each.
Shares in the company were 0.6% higher at 170.95p each in London on Friday morning, giving it a market capitalisation of GBP1.08 billiion.
"The issue was oversubscribed and therefore a scaling back exercise was undertaken," the company added.
On Thursday, BBGI Global - formerly known as BBGI SICAV - said it will acquire a 25% equity interest in Signature on the Saint-Lawrence Group, the operator of the Samuel De Champlain Bridge Corridor in Montreal, Quebec, Canada.
The new cash will be used to fund the acquisition of the stake in the New Champlain Bridge Corridor project as well as to repay its revolving credit facility and other outstanding debt.
"We are delighted with the support shown by both existing and new investors in this fundraise. The fundraising will provide the company with additional financial flexibility to pursue suitable new primary and secondary investment opportunities as and when they become available," co-chief executive officers Duncan Ball and Frank Schramm said.
By Eric Cunha; [email protected]
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