3i Infrastructure PLC - Jersey-based infrastructure investment trust - Announces a proposed placing of new shares at 330 pence each. The infrastructure investment firm doesn't say the amount it hopes to raise but says the funds will be used to pay down drawings on its revolving credit facility, and as liquidity for future investment. The placing price represents a 3.4% discount to its closing share price of 341.50 pence on Friday. Placing is expected to close at noon on Thursday.
At the end of 2022, 3i Infrastructure had drawn GBP555 million from its RCF, leaving undrawn commitments of GBP345 million. It held GBP75 million in cash. In the period since, it paid interim dividends totalling GBP50 million. "Overall, the portfolio continues to perform well and the demand for infrastructure assets is strong. The directors believe it is an appropriate time to raise new equity and also see this as an opportunity for new shareholders to enter the register," 3i Infrastructure says.
Chair Richard Laing says: "There is strong momentum across the portfolio, and the investment manager has identified significant opportunities to invest further in the portfolio."
Current stock price: 331.68 pence each, down 2.9% on Monday morning in London
12-month change: also down 2.9%
By Xindi Wei, Alliance News reporter
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3i Infrastructure (3IN)