Intl Public Partnerships to raise more cash

International Public Partnerships (IPP), the infrastructure investment company, said it was going to tap up the markets again, this time looking for 180 million pounds.

As recently as September 2011 the company asked investors to stump up £52m to help pay down its debt.

The proceeds of the latest fundraising, which is expected to have a target size of £180m, are expected to be used to pay down the company's corporate revolving debt facility and fund the acquisition of the assets in respect of which it has exclusivity.

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This would leave it with the ability, through the revolving debt facility, to purchase additional accretive assets in the medium term, IPP said.

The firm said that approximately £170m of investment, representing three current opportunities in respect of which it had exclusivity, had progressed to an advanced stage.

It added that the company had a strong pipeline of other longer term opportunities.

The company aims to publish a prospectus in May with trading in the new shares commencing after the company's AGM in June.

Further details as to the precise timing and size of the issue would be announced in due course, IPP said.