3i Infrastructure PLC Partial syndication of investment in TCR (5240G)
November 16 2022 - 2:00AM
UK Regulatory
TIDM3IN
RNS Number : 5240G
3i Infrastructure PLC
16 November 2022
3i Infrastructure plc announces partial syndication of its
investment in TCR
16 NOVEMBER 2022
3i Infrastructure plc ("3i Infrastructure" or "the Company") has
signed an agreement to syndicate a c.27% stake in TCR to 3i Zephyr,
a co-investment vehicle managed by 3i Investments plc and funded by
six institutional investors. Completion is expected to take place
later this quarter.
TCR is the leading global provider of Ground Support Equipment
("GSE") rental solutions and services, supporting air industry
customers in their ground handling processes. The business is
present in over 160 airports (compared with 100 at acquisition),
with more than 30,000 GSE assets in its rental fleet (compared with
23,000 at acquisition).
3i Infrastructure's holding in TCR will decrease from c.96% to
c.69%, for proceeds of c.EUR220m, in line with the valuation of the
stake acquired from funds managed by DWS on 31 October 2022. The
proceeds will be used to repay part of the Company's outstanding
RCF balance.
Following completion, 3i Investments plc, the Company's
Investment Manager, will continue to manage c.96% of TCR.
Scott Moseley and Bernardo Sottomayor, Managing Partners and
Co-Heads of European Infrastructure, 3i Investments plc,
commented:
"This transaction allows 3i Infrastructure to raise additional
liquidity and achieve portfolio concentration balance. We have
attracted six high-quality institutional investors, demonstrating
the continuing strength of demand for infrastructure investments
within private capital markets. We are excited about the strong
trading momentum at TCR, which is ahead of our expectations at the
time of announcing the further investment, and we look forward to
continue working with TCR's management team to take advantage of
increasing demand for its full service rental model."
-ENDS-
For further information, contact:
Thomas Fodor Tel: +44 20 7975 3469
Investor enquiries Email: thomas.fodor@3i.com
Kathryn van der Kroft Tel: +44 20 7975 3021
Media enquiries Email: kathryn.vanderkroft@3i.com
Notes to editors:
3i Infrastructure plc
3i Infrastructure plc is a Jersey-incorporated, closed-ended
investment company and an approved UK Investment Trust, listed on
the London Stock Exchange and regulated by the Jersey Financial
Services Commission. The Company's purpose is to invest responsibly
in infrastructure, delivering long-term sustainable returns to
shareholders and having a positive impact on its portfolio
companies and their stakeholders.
3i Investments plc, a wholly-owned subsidiary of 3i Group plc,
is authorised and regulated in the UK by the Financial Conduct
Authority and acts as Investment Manager of 3i Infrastructure
plc.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCFZMMMRKKGZZM
(END) Dow Jones Newswires
November 16, 2022 02:00 ET (07:00 GMT)
3i Infrastructure (LSE:3IN)
Historical Stock Chart
From Sep 2024 to Oct 2024
3i Infrastructure (LSE:3IN)
Historical Stock Chart
From Oct 2023 to Oct 2024