International Public Partnerships Extension of Corporate Debt Facility (0908R)
March 04 2021 - 1:00AM
UK Regulatory
TIDMINPP
RNS Number : 0908R
International Public Partnerships
04 March 2021
INPP EXTENDS corporate debt facility FOR FURTHER THREE YEARS
4 March 2021
International Public Partnerships ('the Company', 'INPP'), the
listed infrastructure investment company, is pleased to announce
that it has renewed its corporate debt facility for a further three
years to March 2024 to support its future investment pipeline.
The new facility has the same overall GBP400 million capacity as
the previous fully committed arrangement but is structured to more
efficiently support the Company's near-term pipeline comprising
GBP250 million on a fully committed basis together with a flexible
'accordion' component which will, subject to lender approval, allow
for a future extension by an additional GBP150 million. The new
facility will expire in March 2024 and the following key pricing
terms have been negotiated:
-- a margin of 165bps over EURIBOR for Euro drawings and 170bps
over SONIA for Sterling drawings; and
-- a ratchet mechanism applies to the commitment fee such that
it varies between 50bps and 90bps depending on the level of
utilisation.
The banking group for the existing facility has been retained.
This includes National Australia Bank, The Royal Bank of Scotland
International, Sumitomo Mitsui Banking Corporation and Barclays
Bank.
As at 3 March 2021, the Company had utilised GBP38 million of
the credit available to it under the debt facility, leaving GBP212
million of the new GBP250 million committed facility available.
This available funding will be used to finance the Company's
existing preferred bidder Offshore Transmission Project ('OFTO')
investment commitments including Beatrice, Rampion and East Anglia
One OFTOs, as well as further investments into Diabolo Rail,
Offenbach Police Headquarters and existing digital infrastructure
investments.
ENDS.
For further information:
Erica Sibree/Amy Edwards +44 (0)20 7939 0558/0587
Amber Fund Management Limited
Hugh Jonathan +44 (0)20 7260 1263
Numis Securities
Ed Berry/Mitch Barltrop +44 (0) 20 3727 1046/1039
FTI Consulting
About International Public Partnerships (INPP):
INPP is a listed infrastructure investment company that invests
in global public infrastructure projects and businesses, which
meets societal and environmental needs, both now, and into the
future.
INPP is a responsible, long-term investor in 130 infrastructure
projects and businesses. The portfolio consists of utility and
transmission, transport, education, health, justice and digital
infrastructure projects and businesses, in the UK, Europe,
Australia and North America. INPP seeks to provide its shareholders
with both a long-term yield and capital growth.
Amber Infrastructure Group ('Amber') is the Investment Adviser
to INPP and consists of over 130 staff who are responsible for the
management of, advice on and origination of infrastructure
investments.
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END
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