HICL Infrastructure raises £160m from both existing and new investors

Infrastructure investor HICL Infrastructure has raised £160.0m through the issue of 94.67m new ordinary shares, with strong support from both existing and new investors.

HICL said on Friday that total applications had exceeded gross proceeds accepted and stated a scaling back exercise has since taken place. HICL added that it will issue 91.70m new ordinary shares pursuant to the issue and 2.97m new ordinary shares pursuant to the retail offer by PrimaryBid.

The FTSE 250-listed group noted that proceeds from the fundraiser will be used to restore capacity within its £400.0m revolving credit facility and provide additional financial resources to pursue its "attractive" near-term pipeline

Chairman Ian Russell 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."

As of 0815 BST, HICL shares were up 0.24% at 169.40p.

Reporting by Iain Gilbert at Sharecast.com