3i Infrastructure, the UK-listed firm, is looking to raise up to £350 million ($506 million; €444 million) through an open offer, placing and intermediate offer on the London Stock Exchange.
The move, announced today, comes after the company agreed to acquire 50 percent of Brussels-based airport ground support equipment lessor TCR and 36 percent of UK telecom masts owner Wireless Infrastructure Group.
Proceeds from the capital raise will go towards funding these two investments – to the tune of £230 million – as well as pursue 3i Infrastructure’s residual deal pipeline, which the firm values at £400 million.
3i Infrastructure also has the option to issue up to an additional £130 million, should demand and funding needs justify it.
The offer price, at 165 pence, represents a premium of 4.8 percent to the net asset value per existing ordinary share as at 31 March, and a discount of 5.9 per cent to yesterday’s closing price. 3i Group, the firm’s parent, will subscribe for its pro-rata proportion of the new shares.
3i Infrastructure today also announced its results for the year ending 31 March, touting a 14 percent growth in net asset value and £193 million invested or committed over the period.