19th Oct 2015 14:44
LONDON (Alliance News) - International Public Partnerships Ltd on Monday said it will raise up to GBP450 million through through a share placing and placing programme.
The investment company said it will use the proceeds to repay the cash-drawn portion of its existing debt facility and to make further investments.
Earlier this month, IPP said it had made its first US investment in mezzanine debt instruments. The FTSE 250-listed company said it has invested USD48.0 million in a series of fully-yielding mezzanine debt instruments with a remaining average life of 37 years. The portfolio was acquired from the Federal Home Loan Mortgage Corp, or Freddie Mac, and is underpinned by more than seven operational public-private partnership military housing projects in the US.
Of the fundraising announced on Monday, GBP150 million will be raised through a placing, open offer and offer of subscription, and GBP300 million will be raised through a placing programme.
Under the open offer, IPP shareholders will be entitled to subscribe for new shares on the basis of one new share for every eight ordinary shares. Shares will be issued at 131.25 pence.
Shares in International Public Partnerships were trading down 0.1% at 131.50p Monday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
International Public Partnerships