International Public Partnership Ld Corporate Debt Facility Increased to £400 million (8868P)
November 23 2016 - 2:00AM
UK Regulatory
TIDMINPP
RNS Number : 8868P
International Public Partnership Ld
23 November 2016
23 November 2016
INPP increases corporate debt facility to GBP400 million to
support future pipeline
International Public Partnerships Limited (the Company, INPP) is
pleased to announce that it has successfully revised the terms of
its corporate debt facility, increasing the facility from GBP300
million to GBP400 million.
The existing facility, due to expire in May 2018, has been
extended and will now become due for renewal in November 2019. The
increase to GBP400 million will support the strong pipeline of new
potential investment opportunities into regulated and other public
infrastructure over the next 12 months. As such the facility is
intended to provide the Company with the flexibility to invest in
appropriate opportunities rather than serving as long-term,
structural leverage.
The facility has been renewed on the same terms as the existing
facility. The margin on cash drawn amounts of the facility will
continue to be 175 bps over Libor. In addition, the availability of
the facility to provide letters of credit has been increased from
GBP300 million to GBP400 million, providing the Company with
flexibility, particularly around investments made during the
construction phase of projects. The commitment fee on the facility
remains at 70 bps.
As part of the increase to the existing facility, the banking
group is to be expanded to include Barclays and an additional
participation from Sumitomo Mitsui Banking Corporation ("SMBC").
These two lenders will rank alongside the existing banking group of
Royal Bank of Scotland and National Australia Bank.
The Company has utilised GBP138.4 million of the credit
available under its revolving credit facility, (taking into account
its future investment obligations into new projects, including its
investment commitments to the Thames Tideway Tunnel project and a
drawn cash balance of GBP13.5 million). The Company has fully
deployed the capital previously raised in July 2016.
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 3727 1046 / 1039
FTI Consulting
Notes to Editors:
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 126 social and
transport infrastructure projects, including schools, hospitals,
courts, police headquarters, transport and utility and transmission
projects in the UK, 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 typically of 25-40 year concessions.
Amber Infrastructure Group ('Amber') is the Investment Advisor
to INPP and consists around 90 dedicated staff who manage, advise
on and originate projects for INPP.
Visit the INPP website at
www.internationalpublicpartnerships.com for more information.
This information is provided by RNS
The company news service from the London Stock Exchange
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