(Alliance News) - BBGI SICAV SA said Tuesday it proposed a share placing to raise as much as GBP75 million in order to repay existing revolving credit facilities previously used for asset acquisitions.
The placing - to be undertaken as an accelerated book-build - is not being undertaken at a fixed price. At the end of December, the net asset value per share for BBGI stood at 133.5 pence and its share price in London on Tuesday was 1.3% lower at 158.50p.
The placing will close on Thursday, with the results from it announced on Friday.
The proceeds from the share placing will be used to repay its GBP77 million of drawn down revolving credit facilities. This is in line with its policy of not using the revolving credit facility for long-term structured debt.
BBGI explained that despite a "competitive acquisition environment" it has managed to continue to grow its public private partnership and private finance initiative infrastructure portfolio. It currently has 48 such assets.
Its current investment pipeline stands at GBP150 million.
BBGI Global Infrastructure (BBGI)