Spark Infrastructure Group (ASX: SKI) announced that it has raised $129 million through private placements conducted by the Victoria Power Networks funding vehicle for CitiPower and Powercor, companies in which Spark owns a 49% stake.
The funds will be used for the capital works program and refinancing requirements in 2018.
The private placements were in the form of a 10-year Norwegian Kroner Nkr550 million fixed rate note and a 12-year Euro €24 million fixed rate note. Cross currency swaps were executed.
Given the low interest rate environment, dividend focused investors have been targeting Spark and other infrastructure stocks such as Transurban Group (ASX: TCL), Sydney Airport Holdings Pty Ltd (ASX: SYD), Macquarie Atlas Roads Limited (ASX: MQA) and Auckland International Airport Limited (ASX: AIA) to boost their income.
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