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3i Infrastructure plc

3i Infrastructure plc Raise £222.8 million in placing

3iN Infrastructure plc (LON: 3IN) has announced the completion of the equity placing announced on 3rd October 2019.

A total of 81,000,000 new ordinary shares of no par value each were issued at a price of 275 pence per Share, raising gross proceeds of approximately £222.8 million. The Shares being issued represent approximately 9.9 per cent. of 3iN plc’s issued ordinary share capital prior to the Placing. The issue was substantially oversubscribed and the issue price represents a discount of approximately 7.6 per cent. to 3iN plc’s share price immediately prior to the announcement of the Placing and a premium of 19.4 per cent. to the latest disclosed net asset value as at 31 March 2019 of 230.4p per ordinary share after adjusting for the dividend paid since.

Commenting on the Placing, Richard Laing, Chair of 3iN Infrastructure plc said:

“We are pleased to announce a successful capital raise and are delighted with the strong support we received from existing and new shareholders. The proceeds will be used to repay drawings under our RCF providing liquidity to fund our pipeline of potential investments. With a well-balanced portfolio and a healthy pipeline of opportunities, we look forward to continuing to deliver on our proven track record.”

The Shares will, when issued, be credited as fully paid and rank pari passu with the existing ordinary shares of no par value in the capital of the Company including the right to receive all dividends and distributions declared, made or paid.

Application will be made to the Financial Conduct Authority for admission of the 81,000,000 Shares to the premium listing segment of the Official List maintained by the Financial Conduct Authority and to the London Stock Exchange plc for admission to trading of the Shares on the LSE’s Main Market for listed securities. It is expected that Admission will take place on Tuesday, 15 October 2019 and that dealings in the Shares on the LSE’s Main Market for listed securities will commence at the same time.

The Placing is conditional, among other things, on Admission being effective and the Placing Agreement not being terminated in accordance with its terms. The Shares have been placed by J.P. Morgan Securities plc (which conducts its UK investment banking business as J.P. Morgan Cazenove) and RBC Europe Limited (trading as RBC Capital Markets). JPMC and RBC acted as joint bookrunners in respect of the Placing.