5th Dec 2019 12:48
(Alliance News) - International Public Partnerships Ltd on Thursday said it intends to raise around GBP30 million of additional new capital via issue of new shares in response to demand from a specific investor.
"The board is launching the fund raising in response to specific market demand. The additional funds will be used to repay drawn facilities. While the board are launching the raise in response to a specific investor, the company wishes to invite other interested investors to participate in the offer, " the infrastructure investments company said.
International Public Partnerships is currently GBP103 million drawn against its GBP400 million corporate debt facility. The company also has around GBP50 million of investment commitments including Rampion offshore transmission projects in its near-term pipeline and is confident that there is a strong pipeline of opportunities in the UK and overseas currently under consideration.
The company expects to issue new shares at 155.5 pence per share, a premium of 6.0% to the June 30 company's ex-dividend net asset value. The share issue is expected to close at noon on Friday.
International Public Partnerships shares were down 0.8% at 156.53p in London on Thursday afternoon.
By Tapan Panchal; [email protected]
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