International PPL to raise up to GBP450m to pay down debt, make investments

International PPL plans to raise up to £150m through a placing open offer and offer for subscription and up to £300m by way of a placing programme.

The infrastructure fund said proceeds will be used to repay the company’s cash drawn portion of its existing debt facility - £278m of which is currently utilised – and to acquire further investments.

The company said this may include pipeline investments where the group or its investment adviser, Amber Fund Management is currently preferred bidder and a number of other projects that Amber and/or International PPL are bidding on, developing or are in discussions about.

In addition, it noted opportunities to acquire investments from third party vendors or where the group has pre-emption rights.

International PPL said proceeds are expected to be invested within six to nine months.At 1543 BST, shares were down 0.2% at 131.40p.