(Alliance News) - International Public Partnerships Ltd on Wednesday said it intends to fundraise around GBP100 million through a tap issuance of shares, which will go towards repaying drawn lending facilities and provide additional resources for the company's near-term transactions.
The infrastructure-focused investor has proposed to undertake the fundraise at a price of 165 pence per share, reflecting a premium of 12% to its net asset value at the end of 2020 of 147.1p, but a 4.2% discount to Tuesday's closing stock price of 172.20p.
Shares in INPP were down 2.7% at 167.40 pence on Wednesday in London.
International PPL currently has GBP56 million drawn against its GBP250 million corporate debt facility.
The company has approved several short-term transactions with a capital requirement of GBP100 million, it said, and also is the preferred bidder on several transactions, which represents GBP135 million of additional investment.
As a result, International PPL said it is "appropriate" to raise further equity in the face of investment opportunities, and is looking to raise around GBP100 million.
Numis Securities will act as corporate broker for the issue, which is expected to close at 1200 BST on Thursday next week.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
International Public Partnerships (INPP)