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(Alliance News) - 3i Infrastructure PLC on Friday said it has completed an equity placing, raising GBP222.8 million to repay drawings under its revolving credit facility.
The FTSE 250-listed infrastructure investment company last week proposed a placing of up to 81 million shares, whilst retaining its total dividend target for the year to the end of March 2020 at 9.20 pence per share. The dividend is expected to be declared in November.
On Thursday, 3i said it has issued the 81 million share at 275 pence each, representing a 9.9% of its share capital prior to the placing.
The stock was flat in London early on Friday at 279.50p a share, giving 3i a market capitalisation of GBP2.27 billion.
"We are pleased to announce a successful capital raise and are delighted with the strong support we received from existing and new shareholders," said Chair Richard Laing.
He added: "With a well-balanced portfolio and a healthy pipeline of opportunities, we look forward to continuing to deliver on our proven track record."
JP Morgan Securities PLC and RBC Europe Ltd were acting as joint bookrunners in respect of the placing.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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