INPP plans further fundraising

Infrastructure investor International Public Partnerships (INPP) has announced plans to raise a further £50-75m through the issue of ordinary shares.

The company said that a number of draws on its finances, including the recent acquisition of a 61% interest in National Grid’s gas distribution network, plus ongoing commitments such as Thames Tideway Tunnel, mean it has prospectively fully utilised the capacity of its revolving credit facility.

INPP said it would consider in the longer term “whether it is in the interests of shareholders for the company to consider a more significant capital raising event in 2017 in order to reduce the level of utilisation of the revolving credit facility and free this up to support future investment opportunities”.

In the meantime, the firm said it will close the bookbuild at noon on 16 December and does not plan to increase the total funds raised above £75m.

Last month, INPP revised the terms of its corporate debt facility to increase it by £100m to support its future pipeline.