INPP announces public fundraising

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
INPP announces public fundraising

International Public Partnerships Limited (INPP) has announced its intention to raise up to £150 million (US$231.8 million) by a Placing, Open Offer and Offer for Subscription and up to £300 million (US$463.7 million) by a Placing Programme.

 The issue comprises up to 114,285,714 new shares to be issued at a price of 131.25 pence per new share.

Under the open offer, existing shareholders are entitled to subscribe for new shares pro rata to their holdings of ordinary shares on the basis of 1 new share for every 8 ordinary shares.The balance of new shares to be made available under the issue, together with any new shares not taken up pursuant to the open offer, will be made available for subscription under the excess application facility, the offer for subscription and the Placing.

Proceeds will be used in repayment of the company's cash drawn portion of its existing debt facility (of which approximately £278 million is currently utilised, with £111 million cash drawn and £167 million committed in respect of letters of credit) and then, to the extent not required for repayment, to acquire further investments which may include:

  • Pipeline Investments where the group or Amber Fund Management Limited is currently preferred bidder
  • A number of other projects that Amber and/or the group are bidding on, developing or are in discussions about; or
  • Opportunities to acquire investments from third party vendors or where the group has pre-emption rights.

Proceeds are anticipated to be invested within six to nine months.

Share this news