International Public Partnerships raises £330m in oversubscribed issue

International Public Partnerships has successfully completed its Placing, Open Offer and Offer for Subscription.

Due to significant oversubscription from new and existing investors and after conducting a significant scaling-back exercise for non-pre-emptive allocations, the Board has elected to issue the maximum new shares available, raising gross proceeds of GBP330 million. The level of additional demand exceeded by three times the original targeted capital raising of GBP250 million.

The proceeds of the issue will be used to repay the existing debt facility (of which approximately GBP342 million is currently utilised, with GBP255.5 million cash drawn and GBP86.5 million committed in respect of letters of credit).

The issue was very significantly supported by existing shareholders with a 93 per cent 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.

Rupert Dorey, Chairman of INPP, said: “The significant oversubscription 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“.

Admission is expected to become effective, and dealings in the new shares are expected to commence, at 8.00 a.m. on 11 May 2017.

A total of 220,000,000 new shares will be issued at a price of 150p, of which 82,091,082 shares will be issued for the open offer, 16,362,639 shares will be issued for the excess application facility, 12,755,143 shares will be issued for the offer for subscription and 108,791,136 shares will be issued under the placing.

INPP : International Public Partnerships raises £330m in oversubscribed issue