Bilfinger Berger Global Infrastructure announces details of share sale
Bilfinger Berger Global Infrastructure SICAV S.A. (BBGI) has announced a share issue with a target issue size of £70 million. The share price will offer a premium of 4.26% to the Estimated Net Asset value (NAV) per existing ordinary share (30 April 2013); and a discount of 8.5% to the closing share price as at 21 June 2013.
Existing shareholders will be entitled to subscribe for new shares on the basis of 1 New Share for every 6 existing ordinary shares held as at close of business on 25 June 2013.
BBGI said in a press release that the proceeds will be used first for the acquisition of assets, repayment of a £35 million multicurrency revolving facility, and the balance will be used to finance the acquisition of further investments.
The target size of the capital raising may be increased to a maximum of £133.75 million.
BBGI announced a few days ago it is in discussions with Bilfinger regarding the potential acquisition of additional projects following the announcement on 28 May 2013 that Bilfinger proposes to divest of its concessions business unit which comprises PFI/PPP projects in Australia, North America and Europe.
Source: BBGI
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