3i Infrastructure placing raises £222.8m – 3i Infrastructure (3IN) has raised gross proceeds of around £222.8m in a share placing that represents approximately 9.9% of the company’s issued ordinary share capital prior to the placing.
3IN say the issue was substantially oversubscribed and that it represents a discount of approximately 7.6% to the share price immediately prior to the announcement of the placing and a premium of 19.4% to the latest disclosed net asset value as at 31 March 2019 of 230.4p per ordinary share after adjusting for the dividend paid since.
New capital to be used to pay debt and fund growth
Commenting on the Placing, Richard Laing, Chair of 3iN plc said “The proceeds will be used to repay drawings under our RCF providing liquidity to fund our pipeline of potential investments. With a well-balanced portfolio and a healthy pipeline of opportunities, we look forward to continuing to deliver on our proven track record.”
3IN: 3i Infrastructure placing raises £222.8m