INPP raises 95 million

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INPP raises 95 million The board of directors of International Public Partnerships Limited (INPP) recently announced that the firm has raised £95 million (US$148.8 million) before costs and expenses by selling new shares publicly.

The placing was significantly oversubscribed with demand for approximately £125 million (US$195.8 million) from existing and new investors.

The board has decided in light of the strong pipeline of investments its intention of using the proceeds to reduce the company's current debt facility.

The new ordinary shares will be issued at 135 pence per share, which represents a discount of 2.95% to the price at the time of the fund raising announcement on 5 November 2014.

Commenting on the Issue, Chairman of INPP Rupert Dorey said:

"We are delighted to announce that the Company has raised £95 million through a placement today,  with the Issue being oversubscribed. The successful capital raise follows a period of significant investment activity for INPP, including the recently closed Lincs offshore transmission project, the Company's single largest investment to date. There was strong demand from existing and new investors for the Issue, demonstrating continuing support for INPP and confidence in the return profile of its diversified portfolio and infrastructure as an asset class."

INPP is a listed infrastructure investment company which invests in global public infrastructure projects developed under the public private partnerships (PPP) and private finance initiative (PFI) procurement methods. Listed in 2006, INPP is a long-term investor in 112 social and transport infrastructure projects, including schools, hospitals, courts, police headquarters, transport and renewable energy projects in the U.K., Europe, Australia and Canada.

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