Cordiant Digital Infrastructure today announced that it has closed a £185m equity raise through the placing of 185 million C Shares at an issue price of 100 pence per C Share. Notably, the £185m placing is £65m lower than the £250m target which Cordiant Digital Infrastructure sought at the launch of its equity raise back in May 2021.
Placing of C Shares – Cordiant Digital Infrastructure
Cordiant Digital Infrastructure’s £185m equity raise adds to its existing dry powder of £43.4m of equity to invest. Therefore, the firm’s total uncommitted equity currently stands at £228.4m.
Use of Proceeds
Proceeds from Cordiant Digital Infrastructure’s equity raise will be used to acquire additional assets from the company’s ~£800m advanced pipeline. Specifically, these assets are in the following digital infrastructure sub-sectors and geographies: i) Europe multi-asset tower and fiber, ii) Europe data center, and iii) North America edge data center.
Capital Structure
Prior to today’s placing of C Shares, Cordiant Digital Infrastructure had issued 376.2 million ordinary shares. Therefore, following admission of the firm’s C Shares, Cordiant Digital Infrastructure will have issued 561.2 million total shares.
Since inception, Cordiant Digital Infrastructure has raised gross proceeds of £370m through its IPO and £191m through subscription rights and follow-on equity raises. Therefore, in aggregate, the firm has raised a total of £561m of equity to-date (prior to fees and expenses).
Bookrunner
Investec is serving as financial advisor, global coordinator, and sole bookrunner to Cordiant Digital Infrastructure for the C Share placing.
Equity Commitments
Cordiant Digital Infrastructure has substantially deployed the proceeds it raised through its IPO. Thus, the firm requires follow-on capital raises, such as today’s placing of C Shares, to continue making new investments.
In May 2021, Cordiant Digital Infrastructure announced two separate digital infrastructure acquisitions. Firstly, Ceské Radiokomunikace (CRA) in the Czech Republic, from funds of Macquarie. Secondly, an undisclosed long-haul fiber optic network and land sites for data center development in Norway.
