TIDMBBGI
RNS Number : 8426I
BBGI Global Infrastructure S.A.
18 December 2020
18 December 2020
BBGI Global Infrastructure S.A.
("BBGI" or the "Company")
Completion of acquisition of interest in Signature on the
Saint-Lawrence Group
Further to its announcement of 17 November 2020, BBGI Global
Infrastructure S.A. (LSE ticker: BBGI), the global infrastructure
investment company, has now completed its acquisition of a 25%
equity interest in Signature on the Saint-Lawrence Group, the
operator of the Samuel De Champlain Bridge Corridor in Montreal,
Quebec, Canada (the "Acquisition"). Completion of the Acquisition
follows the Government of Canada's consent and the satisfaction of
certain conditions precedent.
The Government of Canada is the owner of the Samuel De Champlain
Bridge Corridor. Through a public-private partnership between the
Government of Canada and Signature on the Saint-Lawrence, the
project originally consisted of the design, construction,
financing, operation, maintenance and rehabilitation of a new
bridge spanning the St. Lawrence River between Montreal and
Brossard, Quebec. The bridge opened to traffic in summer 2019 and
the concession runs until 2049. The asset is classified as
availability-based under the investment policy of the Company.
Availability payments are received from the Government of Canada,
which is rated AAA by both Moody's and S&P credit rating
agencies.
The award-winning bridge serves not only as a link between
Montreal and the south shore communities, but also as Eastern
Canada's gateway to US trade corridors, improving travel efficiency
and safety, whilst creating local jobs. Locally, more than 11
million public-transit users, pedestrians and cyclists use the
corridor to cross the St. Lawrence River each year.
The consideration for the Acquisition has been funded by BBGI
from the proceeds of its recent equity fundraising. As announced by
the Company on 20 November 2020, the placing was oversubscribed and
raised gross proceeds of GBP55 million, which will also be used to
pay down other outstanding debt and thereby provide the Company
with additional financial flexibility to pursue suitable new
primary and secondary investment opportunities as and when they
become available.
Following this Acquisition, BBGI now owns a globally diversified
portfolio of 50 infrastructure investments in the transport,
healthcare, education, justice and other services sectors which are
geographically located in Australia, Canada, Continental Europe,
the UK and the US. The Company seeks to limit and reduce investment
risk where possible, with the current portfolio benefitting from
100 per cent availability-based assets of which more than 99% are
operational. The Company also maintains a diversified supply chain
in regards to facilities management and operational and maintenance
("O&M") contractors.
Commenting, Co-CEOs Duncan Ball and Frank Schramm said:
"We are delighted to complete this high-quality investment into
Signature on the Saint-Lawrence Group. Our strategy is to remain
disciplined and selective in our approach to acquisition
opportunities by only investing in availability-based assets and
not in higher risk infrastructure asset classes.
FOR FURTHER INFORMATION, PLEASE CONTACT:
BBGI Management Team +352 263 479-1
Duncan Ball
-----------------------------
Frank Schramm
-----------------------------
Maitland/AMO (Communications
adviser) +44(0) 20 7379 5151
-----------------------------
James Benjamin / Jason Ochere BBGI-maitland@maitland.co.uk
/ Rhys Jones
-----------------------------
NOTES
BBGI Global Infrastructure (BBGI) is a responsible
infrastructure investment company and a constituent of the FTSE 250
that invests in and actively manages for the long-term a globally
diversified, low-risk portfolio of essential social infrastructure
investments.
BBGI is committed to delivering stable and predictable cash
flows with progressive long-term dividend growth and attractive,
sustainable, returns for shareholders. BBGI has a proactive
approach to preserving and enhancing the value of its investments,
and to delivering well maintained social infrastructure for
communities and end users, whilst serving society by supporting
local communities.
All of BBGI's investments are availability-based and supported
by secure public sector-backed contracted revenues, with
inflation-protection characteristics, that is paid so long as the
assets are available for use.
BBGI's investment portfolio is over 99% operational with all its
investments located across highly rated investment grade countries
with stable, well developed operating environments.
BBGI's in-house management team is incentivised by shareholder
returns and consistently maintains low comparative ongoing charges
to shareholders.
Further information about BBGI is available on its website at
www.bb-gi.com*.
The Company's LEI: 529900CV0RWCOP5YHK95
Any reference to the Company or BBGI refers also to its
subsidiaries (where applicable).
* Neither the Company's website nor the content of any website
accessible from hyperlinks on its website (or any other website) is
(or is deemed to be) incorporated into, or forms (or is deemed to
form) part of this announcement.
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END
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