Cordiant Digital Infrastructure (CORD) is launching a placing of C shares to enable it to complete acquisitions from its pipeline of digital infrastructure investments, specifically certain transactions where due diligence is well advanced.
‘Advanced stage negotiations over potential transactions worth around £800m’
CORD released the following as key highlights:
- Advanced pipeline – CORD‘s pipeline of further high quality, well-advanced and complementary transaction opportunities (across the U.S., Canada, Scandinavia and other European markets) has grown considerably in quantity since the IPO. Cordiant Capital, (CORD’s manager) is currently at an advanced stage of negotiations in relation to particularly attractive, time-sensitive potential transactions with a value of approximately £800m. In aggregate, the company has an actionable pipeline in excess of £1.2bn.
- Issue of C Shares – In light of this significant and actionable pipeline of potential transactions, CORD is targeting a placing under the company’s existing placing programme to raise a target amount of £250m through the issue of C shares (the “C share placing”) at a placing price of 100p per C share (the “placing price”). Steven Marshall, chairman of Digital Infrastructure at the investment manager, intends to subscribe for a minimum of one million C shares pursuant to the C share placing.
- Revolving Credit Facility – In addition to the C share placing, the company is in discussions with potential debt providers in relation to a revolving credit facility for the company to be used for the purposes of funding future acquisitions.
Steven Marshall had this to say: “Digital infrastructure assets are uniquely placed to participate in the acceleration of the digitisation of the economy and society, including the transition to net-zero. The company has already acquired one high-quality platform, has signed a binding letter on another and has an advanced pipeline of highly attractive opportunities, with a blend of cash generative and growth assets. The opportunity to add any one of these assets to the existing portfolio is compelling and the window of investment is immediate.”
CORD: Cordiant Digital Infrastructure launches C share placing with portfolio opportunities abound