HICL Infrastructure has announced a new share placement, seeking enough capital to repay its £75 million ($94 million) revolving credit facility.
The shares will be issued at 164 pence ($206) per share, a 5.75 percent discount to the closing price on July 15 and a 7.7 premium premium to the last reported net asset value, as at the end of March.
HICL is a U.K.-listed infrastructure investment company. The company’s portfolio includes public-private partnerships, regulated infrastructure, and demand-based infrastructure, according to the firm’s website.
HICL said that, while most assets in the portfolio remain relatively unaffected by the COVID-19 pandemic, three of its demand-based assets — two toll roads and the HS1 rail link — have seen a fall in demand.
The share issue is scheduled to close by July 21, but could close earlier, according to HICL.
