International Public Partnership Ld Consortium to Invest in Gold Coast Light Rail (6303W)
April 28 2016 - 3:50AM
UK Regulatory
TIDMINPP
RNS Number : 6303W
International Public Partnership Ld
28 April 2016
28 April 2016
INPP Consortium to Invest in Gold Coast Light Rail Extension
International Public Partnerships Limited ('the Company',
'INPP'), the listed infrastructure investment company, is pleased
to announce that the GoldLinQ consortium will make a further
investment into a 7.3km extension to the Gold Coast Light Rail
project (the 'Project') in Queensland, Australia.
The original A$1.29 billion project delivered by the Queensland
Government and GoldLinQ saw the development of a 13km light rail
system between Gold Coast University Hospital and Broadbeach. It
has been operational since July 2014. The 7.3km extension from the
Gold Coast University Hospital north to Helensvale will link the
light rail system to the State's heavy rail line and incorporate
three additional stations.
Key features of the Project include:
-- 13 year concession term ending in 2029 (to coincide with the original project term);
-- Revenues linked to the availability of the asset and partially linked to Australian CPI;
-- Construction and operations risk fully passed down to CPB
Contractors (formerly Leighton Contractors as Design and Build
Contractors) and Keolis Downer EDI (currently the incumbent
Operations and Maintenance Contractors);
-- Revenues contracted with the Queensland State Government;
-- No refinancing risk;
-- Robust financial structure in place with conservative gearing
and senior debt provided for the term of the concession by BBVA,
Intesa, KfW, EDC, BTMU and Mizuho.
The Company has committed to invest approximately A$7 million
(c.GBP3.8 million at current exchange rates)] for a 26.7% equity
stake in the extension alongside Plenary Group, Marubeni Group,
Palisade, Keolis and Aveng Group. Construction is expected to reach
completion at the end of 2017, with operations commencing in early
2018 in time for the opening of the Gold Coast Commonwealth Games
in April.
The Company's investment will be made towards the end of the
construction period and its commitment will be secured by a letter
of credit. As a result, the Company has approximately GBP142
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). The return
profile of this follow-on investment is expected to be consistent
with the returns being generated by the Company on its investment
in the initial phase of the project
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 Gold Coast Light Rail Extension
Further information about the project is available at
http://www.gclrstage2.com.au/stage2.
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
END
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