25th Jun 2019 14:13
(Alliance News) - GCP Asset Backed Income Fund Ltd on Tuesday said it raised a little less than expected amount in a previously announced share placing.
The company, which invests in asset backed loans, said it has received applications in respect of 60.3 million new shares shares, raising gross proceeds of GBP63.3 million.
Back in May, the company had said it would place up to 63.7 million shares at 105.00 pence each.
Proceeds of the placing will be used to repay GBP43 million drawn under the company's revolving credit facility, GCP Asset Backed said, and to take advantage of a pipeline of attractive investment opportunities identified by the company's investment manager, Gravis Capital Management Ltd.
Shares were down 0.3% at 105.64 pence each on Tuesday afternoon in London, giving the company a market capitalisation of GBP402.0 million.
Related Shares:
Gcp Asset Bckd