International Public Partnership Ld Financial Close For Fourth PSBP Aggregator Funding (9587V)
August 13 2015 - 4:33AM
UK Regulatory
TIDMINPP
RNS Number : 9587V
International Public Partnership Ld
13 August 2015
13 August 2015
INPP reaches financial close on fourth Priority School Building
Programme 'Aggregator' funding tranche
International Public Partnerships Limited ('the Company',
'INPP') is pleased to announce that the Amber Consortium, of which
INPP is part, has reached financial close on the fourth of five
privately financed batches of schools being delivered through the
Priority Schools Building Programme (PSBP).
The project uses an innovative financing model based upon the
establishment of a funding vehicle known as the 'Aggregator'. This
was established by the Company in November 2014. One of the key
features of the Aggregator is the ability to warehouse loans and
thereby aggregate total financing requirements across all five
schools batches. The Aggregator is financed by the Amber
Consortium, which includes INPP with Aviva Investors and the
European Investment Bank also providing senior debt.
The fourth tranche of funding will support the development of
eight secondary schools on existing and adjacent sites in the
Midlands region of England and operations over a 25 year period.
The total capital expenditure on the schools in this batch is
approximately GBP142 million, with the Aggregator providing GBP137
million, of which the Company will fund GBP9.8 million with
European Investment Bank and Aviva providing the remainder. The
project sponsors who will provide the balance of the equity and
subordinated debt include Carillion Private Finance Limited,
Equitix Limited and IUK Investments Limited (HM Treasury), the
Private Equity Unit set up to invest in Government infrastructure
projects under PF2.
The PSBP is a centrally managed government programme set up to
address the needs of the schools most in need of urgent repair.
Through the programme, 260 schools will be rebuilt or have their
condition needs met by the Education Funding Agency (EFA). As part
of the programme, 46 schools in five batches with a value of circa
GBP700 million are being delivered via private finance funding
using the PF2 structure.
The investment will be funded through the Company's corporate
debt facility. INPP expects to provide up to an additional c.GBP11
million funding to the remaining batch. Financial close of the
final scheme is expected in the course of 2015.
For further information:
Erica Sibree +44 (0)20 7939 0558
Amber Fund Management Limited
Nick Westlake/Hugh Jonathan +44 (0)20 7260 1345/1263
Numis Securities
Ed Berry/Mitch Barltrop +44 (0)20 3 727 1046 / 1039
FTI Consulting
Notes to Editors:
About the Priority Schools Rebuilding Programme
Further information about the programme is available at
www.gov.uk/government/publications/psbp-overview/priority-school-building-programme.
About International Public Partnerships (INPP):
International Public Partnerships (INPP) is a listed
infrastructure investment company which invests in global public
infrastructure projects developed under the public private
partnerships (PPP), private finance initiative (PFI), regulated
asset and other similar procurement methods.
Listed in 2006, INPP is a long-term investor in 116 social and
transport infrastructure projects, including schools, hospitals,
courts, police headquarters, transport and utility and transmission
projects in the U.K., Europe, Australia and Canada. INPP seeks to
provide its shareholders with both a long-term yield and capital
growth through investment across both construction and operational
phases of 25-40 year concessions.
Amber Infrastructure Group (Amber) is the Investment Advisor to
INPP and consists of over 80 dedicated staff who manage, advise on
and originate projects for INPP.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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