John Laing Infrastructure Fund (JLIF) has announced proposals to issue up to 89.8 million new ordinary shares by way of tap issuance. The company says that the net proceeds of the placing are to be used to repay majority of outstanding sterling debt drawn on its revolving credit facility and that this will create flexibility to finance future acquisitions. JLIF has a multi-currency revolving credit facility for up to £330 million. JLIF says that, following certain acquisitions completed in 2016, the facility is currently £121 million drawn in Sterling and, in addition, €57 million drawn in Euros.
The announcement follows on from JLIF’s results statement which said that the company made a total return of 17.7% over the course of 2016.
About John Laing Infrastructure Fund
John Laing Infrastructures investment policy is to invest in equity and subordinated debt issued in respect of infrastructure PPP projects. The Fund invests predominantly in projects that have completed construction and that are in their operational phase. The Fund invests in projects whose revenue streams are: public sector or government backed; and predominantly lower-risk “availability based” i.e. cash-flows are determined by making the asset available rather than by how much it is used (“demand based”). Investment Capital in projects that are under construction will be limited to 15 per cent. of the Total Assets of the Fund (calculated at the time of investment).
John Laing Infrastructure announces new placing : JLIF