INPP to raise £75m through share issue
International Public Partnerships (INPP) on Monday said it was raising £75m to pay down debts through a share issue.
The company said it would issue the new stock at 154p which, a 5% premium to ex-dividend net asset value at June 30.
“Following recent investments the company is £143m drawn against its £400m corporate debt facility and it has also committed to invest a further £75m in the nearer term including the Rampion offshore transmission project,” INPP said.
“In addition, the company is confident that there is a strong pipeline of opportunities in the UK and overseas currently under consideration additional to the need to reduce the corporate debt facility.”