5th Jul 2016 11:19
LONDON (Alliance News) - Infrastructure project investor International Public Partnerships Ltd on Tuesday said it will raise around GBP75.0 million via a share issue to cut its debt pile.
INPP said the net proceeds from the issue, which will be run by corporate broker Numis Securities Ltd, will be used to cut its obligations under its revolving credit facility, following its recent further investment in the Thames Tideway project, and to meet investment commitments following the acquisition of Building Schools for the Future project stakes in the UK.
The number of shares to be issued and the pricing of those shares will be determined once the bookbuild completes on July 13, INPP said.
INPP said the result of the UK referendum on its European Union membership has had a beneficial short-term impact, as the fall in sterling against other currencies has boosted the valuation of the company's non-UK assets.
The wider effects of Brexit, the company said, are "harder to assess" but it continues to review potential new opportunities for investment that the vote outcome will throw up.
Shares in INPP were down 2.6% to 148.60p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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