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International Public Partnerships Plans Fundraise To Repay Debt

(Alliance News) - International Public Partnerships Ltd said Monday it is looks to raise around ...

Alliance News 16 September, 2019 | 8:39AM
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(Alliance News) - International Public Partnerships Ltd said Monday it is looks to raise around GBP75 million through the issue of shares, which go towards repaying debt facilities and for future acquisitions and investments.

The placing will be conducted at a price of 154 pence per share, reflecting a discount of 5.6% to INPP's closing price on Friday of 163.20p. Shares in the infrastructure-focused investment firm were down 3.1% at 158.20 pence on Monday morning.

Proceeds from the fundraise will go towards paying down IPP's GBP400 million corporate debt facility, against which the company has drawn GBP143 million.

IPP said that, depending on shareholder demand for the new shares, it may raise additional funds to pay down the facility further.

The company also said it has a strong pipeline of investment opportunities in the UK and overseas currently under consideration.

The share issue will be run by broker Numis Securities Ltd and is expected to close on Thursday afternoon next week.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
International Public Partnerships Ord 156.60 GBX 0.38 -

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