The Board of HICL Infrastructure PLC (LON:HICL) has announced that the Company has raised gross proceeds of £160.0m through the issue of 94,674,560 new ordinary shares in the capital of the Company, at an Issue Price of 169.0p. There has been strong support for the Issue from both existing and new investors including over £5 million of demand from the Retail Offer through PrimaryBid.
The Board considered the Company’s current revolving credit facility capacity as well as HICL’s advanced investment pipeline when determining the size of the raise. Total applications exceeded gross proceeds accepted and therefore a scaling back exercise has taken place.
The Company will issue 91,704,291 New Ordinary Shares pursuant to the Issue and 2,970,269 New Ordinary Shares pursuant to the Retail Offer by PrimaryBid.
Sun Life Assurance Company of Canada has subscribed for 8,875,740 New Ordinary Shares. Sun Life is a member of the same group as InfraRed Capital Partners, the Company’s Investment Manager, and is therefore a related party for the purposes of Chapter 11 of the FCA’s Listing Rules. The Sun Life Subscription will be a ‘smaller related party transaction’ pursuant to LR11.1.10.
Investec Bank plc and RBC Capital Markets acted as joint bookrunners in relation to the Issue.
Ian Russell, Chairman of HICL, said:
“We are pleased with the strong investor support shown for this issue from both retail and institutional investors. The defensive attributes of the Company’s portfolio, including high inflation protection and low correlation to wider equity markets, are clear attractions for investors against the broader market backdrop. The funds raised from this issue will be used to restore HICL’s RCF capacity, while also providing additional resources for the Company to execute its attractive investment pipeline.”
Application for Admission
Application has been made for 94,674,560 New Ordinary Shares to be admitted to the premium segment of the Official List of the FCA and to trading on the Main Market of the London Stock Exchange. It is expected that Admission in respect of the New Ordinary Shares will become effective, and that dealings in the New Ordinary Shares will commence, at 8.00 a.m. on 19 July 2022.
Total Voting Rights
On Admission, the Company’s issued share capital will consist of 2,031,488,061 Ordinary Shares with voting rights. This figure may be used by shareholders in determining the denominator for the calculation by which they will establish if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.
Defined terms in this announcement shall have the same meaning as in the Company’s announcement of 8 July 2022.