18th Sep 2013 11:46
LONDON (Alliance News) - GCP Infrastructure Investments Ltd Wednesday said that its master fund, GCP Infrastructure Fund Limited, has completed a transaction subscribing for a loan note with a term of 29 years and an aggregate value of GBP10.9 million, as part of a private-finance initiative project in Salford.
It said that the proceeds is to assist in the financing of Salford city council's new Pendleton Social Housing PFI project, which involves the design, financing and refurbishment of 1,270 existing dwellings, and their maintenance over a 30-year concession period, in the Salford area of Manchester.
The closed-ended investment company said the acquisition of the second tranche was financed fully from available cash reserves.
GCP Infrastructure also said it would seek to raise up to GBP22 million before costs by issuing shares it expects to be priced at 107.75 pence.
The placing will be done through a tap issuance to selected investors by its broker, Oriel Securities.
It said it would give further details once the issue has been completed.
The shares were down 1.3% or 1.50 pence at midday, trading at 110.50 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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