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INPP raises £330m

09 May 2017 09:45

International Public Partnerships Limited has raised £330m following significant over-subscription of the issue announced on 12 April.

The company said that after conducting a significant scaling-back exercise for non-pre-emptive allocations, the board had elected to issue the maximum new shares available.

It said the level of additional demand exceeded by three times the original targeted capital raising of £250m.

INPP said: "The proceeds of the issue will be used in repayment of the company's cash drawn portion of its existing debt facility (of which approximately £342 million is currently utilised, with £255.5 million cash drawn and £86.5 million committed in respect of letters of credit) and then, to the extent not required for repayment, to acquire further investments which include investment commitments already made by the company.

"The initial issue was very significantly supported by existing shareholders with a 93% take up of the open offer and excess application facility.

"The high level of support from existing investors has meant the company was unable to meet in full the demand from both existing and new investors for additional shares in the company."

Chairman Rupert Dorey said: "The significant over-subscription of INPP's latest capital raising demonstrates the continued demand for the company's investment case, in providing shareholders with predictable, long-term and substantially inflation-linked returns from investment in long-term assets.

"The company continues to offer its shareholders a highly visible and balanced pipeline of new opportunities, the outlook for which remains strong."

At 9:45am: (LON:INPP) International Public Partnership Ltd share price was +0.65p at 157.15p

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