By Joe Hoppe
Pantheon Infrastructure PLC said Wednesday that it intends to raise 250 million pounds ($287.4 million) through a C share placing, subscription and intermediaries offer, to acquire further investments.
The infrastructure investment company said that it will issue C shares at a price of 100 pence a share, a 2.9% discount to its closing ordinary share price of 103 pence on Tuesday.
The C shares will be converted into ordinary shares once at least 80% of the net proceeds have been invested, in line with the company’s investment policy, with a deadline of 12 months. The company expects to use the proceeds within six months.
Investec Bank PLC is acting as sole sponsor, bookrunner and advisor in the placing. The C shares are expected to be admitted to trading around Oct. 14.
Pantheon said that since its launch in November 2021, it has made investments, commitments or legal commitments of GBP344 million across 10 investments. It said it has a further four investments in advanced due diligence worth around GBP170 million, a further GBP170 million to GBP200 million of opportunities in primary due diligence, and GBP150 million to GBP200 million of opportunities being screened.
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