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3i Infrastructure raises £385m

08 June 2016 09:54

3i Infrastructure has raised £385m through an open offer, placing and intermediaries offer, increased from original target size of £350 million.

The offering was significantly oversubscribed and the final size has been set to ensure that the company continues to maintain an efficient balance sheet while at the same time having sufficient liquidity to bid for new investment opportunities in its current pipeline.

Approximately £230 million of the proceeds will be used to fund the completion of the investments in Wireless Infrastructure Group and TCR, expected to close in June and August respectively.

The remaining proceeds will be used to invest in further new investments from the investment adviser's pipeline of opportunities.

Chairman Richard Laing said: "We are delighted with the strong support received from existing shareholders for our capital raise and we are also pleased to welcome new shareholders to our register. Both reflect the confidence in the Company's prospects. The Board and the Investment Adviser look forward to continuing to build upon the strong performance of the existing investment portfolio and further develop the pipeline of new investment opportunities."

At 9:54am: (LON:3IN) 3i Infrastructure Ltd share price was +8.3p at 175.3p

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