6th Dec 2019 14:10
(Alliance News) - International Public Partnerships Ltd on Friday said it has raised GBP75.6 million through share issue, significantly more than previously envisaged.
The infrastructure investments company issued 48.6 million shares by way of tap issuance at 155.5 pence each. Shares in the company were down 0.9% at 155.50p on Friday afternoon.
Michael Gerrard, chair of INPP, said: "The support from new and existing shareholders is a testament to the quality and diversification of the company's investment pipeline and the strength of our existing portfolio, which underpin the generation of robust, long-term inflation-linked returns."
International Public Partnerships on Thursday said it intends to raise around GBP30 million of additional new capital in response to demand from a specific investor.
Proceeds of the fundraise will be used by the company to pay down the cash drawn portion of the company's corporate debt facility and for pursuing investment opportunities currently under consideration.
The company is currently GBP103 million drawn against its GBP400 million corporate debt facility. It also has around GBP50 million of investment commitments including Rampion offshore transmission projects in its near-term pipeline.
By Tapan Panchal; [email protected]
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