GCP Infrastructure Investments Ltd Investor report at 30 September 2023 (4422T)
November 15 2023 - 2:00AM
UK Regulatory
TIDMGCP
RNS Number : 4422T
GCP Infrastructure Investments Ltd
15 November 2023
GCP Infrastructure Investments Limited
("GCP Infra" or the "Company")
LEI 213800W64MNATSIV5Z47
Quarterly investor update
15 November 2023
GCP Infra is pleased to announce the publication of its investor
report, which is available at www.gcpinfra.com .
At 30 September 2023:
-- The net asset value was, as previously announced, 109.79 pence per ordinary share;
-- The Company was exposed to a diversified and partially
inflation protected portfolio of 51 investments with an unaudited
valuation of GBP1.0 billion; and
-- The portfolio had a weight-adjusted average annualised yield
of 7.9%, principal outstanding of GBP1.0 billion and an average
life of ten years.
In the quarter to 30 September 2023, the Company completed a
refinancing of two existing loan notes secured against two
waste-wood biomass projects, valued at c. GBP85 million as at 31
March 2023 and committed to a new GBP50 million loan note as part
of a syndicated facility supporting the same, and one additional,
biomass project. This refinancing generated GBP50 million of net
cash proceeds that were used to repay the Company's revolving
credit facility. Prepayment fees and valuation impacts totalling c.
GBP10 million led to a c. 1.2 pence per ordinary share uplift to
the Company's net asset value. At 30 September 2023, the Company
had GBP104 million (30 June 2023: GBP154 million) outstanding under
its revolving credit arrangements.
Share buyback programme
The Company remains committed to pursuing buyback opportunities
in line with the strategy that has been set out previously, and to
benefit from the investment opportunity that the Company's shares
offer at the current price. At 30 September 2023, the Company had
bought back 13,565,019 shares.
Company broker
On 10 October 2023, the Company announced the appointment of RBC
Capital Markets ("RBC") as the Company's joint corporate broker, to
work alongside Stifel Nicolaus Europe Limited. RBC's appointment
was the result of a process that was run by the Company to identify
and appoint a party to further support the delivery of the
Company's strategy.
For further information, please contact:
Gravis Capital Management Limited
Philip Kent
Ed Simpson
Max Gilbert +44 (0)20 3405 8500
RBC Capital Markets
Matthew Coakes
Elizabeth Evans +44 (0)20 7653 4000
Stifel Nicolaus Europe Limited
Edward Gibson-Watt
Jonathan Wilkes-Green +44 (0)20 7710 7600
Buchanan/Quill
Helen Tarbet
Sarah Gibbons-Cook
Henry Wilson +44 (0)20 7466 5000
Notes to the Editor
About GCP Infra
GCP Infra is a closed-ended investment company and FTSE-250
constituent, its shares are traded on the main market of the London
Stock Exchange. The Company's objective is to provide shareholders
with regular, sustained, long-term distributions and to preserve
capital over the long term by generating exposure to UK
infrastructure debt and related and/or similar assets.
The Company primarily targets investments in infrastructure
projects with long term, public sector-backed, availability-based
revenues. Where possible, investments are structured to benefit
from partial inflation protection. GCP Infra is advised by Gravis
Capital Management Limited.
GCP Infra has been awarded with the London Stock Exchange's
Green Economy Mark in recognition of its contribution to positive
environmental outcomes.
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