JLIF to raise capital to fund acquisition of 11 PFI projects from Investors in the Community LP
The board of John Laing Infrastructure Fund (JLIF), the FTSE 250 international PPP infrastructure investment company, has announced that it intends to raise capital through a sale of ordinary shares in the coming months.
JLIF announced on 23 August 2013, that it had completed on the £123 million portfolio acquisition of 11 operational and yielding assets from Investors in the Community LP, the largest since the fund's launch in 2010, and has entered in to an agreement to acquire an additional 5% in LUL Connect (CityLink).
JLIF has approximately £123 million drawn on its existing bank facility and is seeking to refinance this by the proposed issue of shares.
Following the acquisition, the total number of projects in the JLIF portfolio increases to 49, with an approximate aggregate valuation of £697.8 million, according to the company.
JLIF is confident that it will continue to acquire projects from John Laing given it has the right of first offer to a significant pipeline of infrastructure projects.
JLIF will publish a prospectus in relation to the Issue. Further details on the quantum of the offering will be published in due course, however, it is expected that a prospectus will be published in September 2013 with the new Ordinary Shares being issued and admitted to trading in October 2013.
