Guernsey Infrastructure Vehicle Has ‘Exceptional Fund Raise’

Mourant Ozannes has advised John Laing Infrastructure Fund Limited (JLIF) on all Guernsey-related aspects of its recent new equity issue, raising £242.3 million (gross) through the issue of 218,291,103 new shares pursuant to an open offer, placing and offer for subscription.

The shares were priced at 111p, the top of the price range, representing a 6.3% premium to net asset value. The proceeds will be used to repay debt drawn and to fund the acquisition of three new infrastructure projects for JLIF's portfolio. It is the largest amount of capital raised by the fund since it was launched in 2010 and had been oversubscribed.

JLIF listed in November 2010 when it raised £270 million and has since then successfully completed seven further capital raisings attracting an additional £500 million. As a result JLIF achieved entry to the FTSE 250 in December 2011, only 12 months post-launch. Following the capital raise and acquisition, JLIF now has a portfolio of 52 low risk