GCP Infrastructure
Investments Limited
("GCP Infra" or the
"Company")
LEI:
213800W64MNATSIV5Z47
Revolving credit
facility
20 February 2024
GCP Infra is pleased to announce
that on 15 February 2024, the Company entered into a new revolving
credit facility ("RCF"). The Company has reduced the total RCF
commitments to £150 million, from £190 million previously, in line
with the Company's stated capital allocation policy that has been
set out in the 2023 annual report.
The RCF has been agreed with four
lenders, Lloyds Bank, Mizuho Bank, Allied Irish Bank and Clydesdale
Bank (trading as Virgin Money). The new facility has a three-year
term and was refinanced on similar terms to the previous RCF, with
the most notable amendment being the introduction of additional flexibility in utilisations and
repayments to allow the Company to enhance its working capital
management. The interest and commitment fees charged remain
unchanged at SONIA plus 2.00% per annum and 0.70%
per annum respectively.
As part of the refinance, the
Company repaid c. £10 million of the RCF, reducing the drawn
balance to c. £96 million, after accounting for accrued interest
and refinance costs (31 December 2023: £104 million). The Company's
net debt position is currently c. £72 million.
The Company remains committed to
materially repay the RCF and intends to return at least £50 million
of capital to shareholders during 2024 as has been set out
previously. Further updates on the progress of the Company's
disposal activities will be provided in due course.
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.