INPP plans to raise £18m through share issue

1st Sep 2015 07:54

(ShareCast News) - Infrastructure investor International Public Partnership (INPP) said it plans to raise £18m through a share issue to cut borrowings.INPP said it will issue up to 13.4m ordinary shares of 0.01p through a tap issue. The strike price will be agreed between house broker Numis and the company on 7 September.Net proceeds will be used to cut the £82m INPP has used from its existing loan facility. Around £180m of that facility has been committed under letters of credit to provide guarantees for future investment installments to the Thames Tideway Tunnel project through its period of construction, INPP said in a statement.INPP said it has a "strong pipeline" of short and medium term opportunities which includes extra commitments to the UK government's priority schools building programme, more investment in the UK offshore transmission sector, discussions on two further near term investments in the US and Australia which have reached an advanced stage and "a number" of other projects in the UK, Europe, Australia and the US it is bidding on or developing.