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(Alliance News) - 3i Infrastructure PLC on Thursday proposed a placing of up to 81 million shares, with the placing price to be determined via a bookbuild. The placing is expected to close in a week.
The stock was trading 4.5% lower on Thursday morning in London at 284.23 pence each. At that price the place would be worth up to GBP230 million. 3i Infrastructure's current market capitalisation is GBP2.30 billion.
JP Morgan Securities PLC and RBC Europe Ltd have been appointed as joint bookrunners in respect of the placing.
The FTSE 250-listed infrastructure investment company said net proceeds of the placing will enable repayment of debt drawn on the company's revolving credit facility. 3i Infrastructure said any remaining balance of the net proceeds will be used for general working capital purposes and to fund further acquisitions.
"3i Infrastructure has a track record of delivering consistently good returns," said Chair Richard Laing. "Our portfolio of infrastructure assets is balanced by geography and sector and is well placed to continue to deliver our return objectives."
Laing added: "The proceeds from the proposed placing will repay drawings under our revolving credit facility and provide liquidity to fund our pipeline of potential investments across our target markets."
The company's total dividend target for the year to the end of March 2020 remains 9.20 pence per share, it noted, and is expected to be declared in November.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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