BBGI Global Infrastructure S.A. New GBP230 million Revolving Credit Facility (3141A)
June 01 2021 - 01:00AM
UK Regulatory
TIDMBBGI
RNS Number : 3141A
BBGI Global Infrastructure S.A.
01 June 2021
1 June 2021
BBGI Global Infrastructure S.A.
(" BBGI " or the " Company ")
New GBP230 million Revolving Credit Facility
BBGI Global Infrastructure S.A. (LSE ticker: BBGI), the global
infrastructure investment company, i s pleased to announce that the
Group has secured a new committed multi-currency Revolving Credit
Facility ("RCF") of GBP230 million from ING Bank ("ING"), DZ Bank
("DZ"), KfW IPEX-Bank ("KfW") and SMBC Bank ("SMBC"). The RCF will
replace the current GBP180 million facility with ING, DZ, and KfW
which commenced in January 2018 and matures in January 2022.
The tenor of the new RCF will be five years, commencing in May
2021, and the borrowing margin is 165 bps over the relevant
reference rate. Under the new RCF, BBGI will have increased
flexibility to consider larger transactions by virtue of having
structured a further uncommitted GBP70 million incremental
accordion tranche, for which no commitment fees will be paid.
The multi-currency RCF will be used primarily to fund
acquisitions and provide letters of credit for investment
obligations, and the intention will be to repay the facility from
time to time through equity fundraisings.
Frank Schramm, Co-CEO of BBGI, commented:
"The new Revolving Credit Facility helps to ensure BBGI has the
ability to complete large portfolio transactions or acquisitions
from multiple vendors in short order as and when they become
available. We continue to be excited about the growth opportunities
available to BBGI over the coming years and this new RCF will
support the continued development of the business."
Duncan Ball, Co-CEO of BBGI, said:
"We are pleased to increase the tenor of the new RCF from four
years to five years and expand the lending group, underlining the
strength of support for the Company and our future growth strategy
as well as the robust fundamentals of our focus on low-risk
availability-based infrastructure investments .
We have also contributed to lower costs by virtue of having
structured an additional GBP70 million incremental accordion
tranche for which no commitment fees are payable. Both the
multi-currency facility and the accordion facility allow BBGI to
borrow in the currency of the underlying assets or in
sterling."
FOR FURTHER INFORMATION, PLEASE CONTACT:
BBGI Management Team +352 263 479-1
Duncan Ball
-----------------------------
Frank Schramm
-----------------------------
Maitland/AMO (Communications
adviser) +44(0) 7747 113 930
-----------------------------
James Benjamin BBGI-maitland@maitland.co.uk
-----------------------------
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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