24th Oct 2018 17:10
LONDON (Alliance News) - International Public Partnerships Ltd on Wednesday said it raised GBP116 million from the placing of 76.1 million shares at 153.35 pence each, exceeding its GBP75 million target.
The infrastructure asset investor said its placing was "significantly oversubscribed", resulting in the increased pacing size, although it was capped at GBP116 million.
Proceeds of the placing will go towards repaying INPP's GBP72.8 million cash drawn portion of its corporate debt facility. This debt includes the approximately GBP47 million investment needed to own and operate the Dudgeon offshore wind farm off the coast of Norfolk.
INPP said that the remaining funds will be used to support its roughly GBP200 million future investment obligations.
"Our high-quality pipeline of harder-to-access opportunities combined with our active approach to asset management continues to support the generation of predictable, long-term and inflation-linked returns to our shareholders, as well as delivering value for money for all our stakeholders," said INPP Chairman Rupert Dorey.
Shares in INPP closed flat at 153.00p on Wednesday.
Related Shares:
International Public Partnerships