International Public Partnership Ld Financial Close on final PSBP Aggregator Funding (4222W)
April 27 2016 - 2:00AM
UK Regulatory
TIDMINPP
RNS Number : 4222W
International Public Partnership Ld
27 April 2016
27 April 2016
INPP reaches financial close on final Priority Schools Building
Programme 'Aggregator' funding tranche
International Public Partnerships Limited ('the Company',
'INPP') has announced that the Amber Consortium, of which INPP is
part, has reached financial close on the last of the 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 fifth tranche of funding will support the development and
operation of seven new-build secondary schools in Yorkshire over a
25-year period. The total capital expenditure on the schools in
this batch is approximately GBP129 million, with the Aggregator
providing GBP118 million.
The Company will fund GBP5.1 million with the European
Investment Bank and Aviva providing the remainder. The project
sponsors who will provide the balance of the equity and
subordinated debt include Laing O'Rourke, Equitix and IUK
Investments Limited (HM Treasury), the private equity unit
established to invest in government infrastructure projects under
PF2.
The investment will be funded through the Company's existing
cash resources and debt facility. Following financial close of the
fifth and final batch, the Company will have approximately GBP145
million of uncommitted credit available under its GBP300 million
revolving credit facility (after taking into account its future
investment obligations into new projects including its investment
commitments to the Thames Tideway Tunnel project).
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
https://www.gov.uk/government/publications/psbp-overview/priority-school-building-programme-overview
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 over 120 social
and transport infrastructure projects, including schools,
hospitals, courts, police headquarters, transport, waste water and
utility and transmission projects in the U.K., Europe, Australia
and North America. INPP seeks to provide its shareholders with both
a long-term yield and capital growth through investment across both
construction and operational phases of typically 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
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