HICL raises £260 million

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HICL raises £260 million

HICL Infrastructure Company, the listed infrastructure investment company advised by InfraRed Capital Partners Limited, has announced it has raised £260 million (US$325 million) gross proceeds under its share issue.

This represents the maximum amount permitted to be raised under the issue, exceeding the target size of £205 million (US$256 million).

The Issue was very significantly oversubscribed, with applications totalling almost three times the number of shares available under the issue at its maximum size. The target issue size for the fundraising had been 128.9 million shares and the maximum potential size had been set at 163.5 million shares.

Canaccord Genuity Limited acted as Placing Agent.

Ian Russell, Chairman of HICL, said:

"The Board of HICL is delighted to have had such a positive response to the Company's fundraising from both existing shareholders and new investors. The application of the Issue proceeds towards the elimination of the Group's funding requirement leaves the Company well-placed to fund further suitable additions to the portfolio.

Based on the Investment Adviser's confidence in the near-term investment pipeline, the Board elected to issue New Ordinary Shares for the maximum amount of £260 million permitted under the terms of the Issue. The strong appetite from investors for the Company's equity was reflected in the large number of applications that could not be accommodated in full. Nonetheless, this is encouraging in light of our stated acquisition strategy, and the attractive pipeline of investment opportunities the Investment Adviser is currently working on, some of which may materialise as new investments in due course."

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