TIDMINPP
RNS Number : 6943X
International Public Partnership Ld
28 November 2017
INPP ACQUIRES ADDITIONAL INTEREST IN AUSTRALIAN ROLLING STOCK
PROJECT
28 November 2017
International Public Partnerships Limited, the listed
infrastructure investment company ("INPP"; the "Company") is
pleased to announce the acquisition of an additional interest in
the Australian rolling stock public-private partnership, the
Reliance Rail PPP Project ("Reliance Rail"; the "Project").
INPP has invested c.A$154 million (cGBP88 million) and will now
own a 33% interest in the project with the remaining interest held
by AMP Capital's managed funds.
The Project is a traditional public private partnership (PPP)
investment and generates a fully availability-based revenue stream
extending to 2044 with the ultimate counterparty being Transport
for New South Wales, an executive agency of the New South Wales
government.
Reliance Rail was responsible for the financing, designing,
manufacturing and continues to be responsible for maintaining 78
next-generation, electrified, "Waratah" train sets (comprising 626
traincars) serving Sydney in New South Wales Australia. The Project
is fully operational and yielding and has enjoyed an average
availability rate of 99.92% since May 2014. Operational performance
risk is fully subcontracted.
INPP has held a small minority interest in the project since
2006 but since 2012 this has been carried at nominal value only.
While the operational performance of the Project has been
excellent, equity value has been repressed by the complexity of the
project's original structure. The current investment and associated
refinancing is the result of several years of restructuring
activity supported by AMP Capital, Amber Infrastructure (the
Company's Investment Adviser), the Project's management team and
the New South Wales government. The restructuring process has
included the exit of some other original shareholders, the removal
of monoline insurers from the capital structure and a complete
restructuring of the Project's senior debt resulting in a
de-leveraged, lower cost and more sustainable structure.
Once completed the transaction is expected both to restore the
original value of the Company's existing investment and, on a
blended basis of the new and existing capital, to provide the
Company with an attractive return in comparison with other
operational PPP projects in the Company's portfolio.
The new investment was funded through the Company's existing
corporate debt facility. Following this investment the facility is
now either drawn or committed to identified opportunities to a
level of c.GBP100 million out of a total available capacity of
GBP400 million.
ENDS.
For further information:
Erica Sibree +44 (0)20 7939 0558
Amber Fund Management Limited
Hugh Jonathan +44 (0)20 7260 1263
Numis Securities
Ed Berry/Mitch Barltrop +44 (0)20 3727 1046/1039
FTI Consulting
Important Information
This announcement contains information that is inside
information for the purposes of the Market Abuse Regulation (EU)
No. 596/2014.
This announcement is an advertisement. It does not constitute a
prospectus relating to the Company and does not constitute, or form
part of, any offer or invitation to sell or issue, or any
solicitation of any offer to purchase or subscribe for, any shares
in the Company in any jurisdiction nor shall it, or any part of it,
or the fact of its distribution, form the basis of, or be relied on
in connection with or act as any inducement to enter into, any
contract therefor.
Forward-looking statements are subject to risks and
uncertainties and accordingly the Company's actual future financial
results and operational performance may differ materially from the
results and performance expressed in, or implied by, the
statements. These forward-looking statements speak only as at the
date of this announcement. The Company, Amber and Numis Securities
expressly disclaim any obligation or undertaking to update or
revise any forward-looking statements contained herein to reflect
actual results or any change in the assumptions, conditions or
circumstances on which any such statements are based unless
required to do so by the Financial Services and Markets Act 2000,
the Prospectus Rules of the Financial Conduct Authority or other
applicable laws, regulations or rules.
Notes to Editors:
About International Public Partnerships:
International Public Partnerships ('INPP') is a listed
infrastructure investment company which invests in global public
infrastructure projects developed under the private finance
initiative ('PFI'), regulated asset and other similar procurement
methods.
Listed in 2006, INPP is a long-term investor in 127 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 has around 100 dedicated staff who manage, advise on
and originate projects for INPP.
Visit the INPP website at
www.internationalpublicpartnerships.com for more information.
About Amber Infrastructure Group:
Amber is a leading international infrastructure specialist,
providing asset management and investment advisory services in
respect of around GBP8 billion of assets in the UK, Europe,
Australia and North America. Amber's core business focuses on
sourcing, developing, advising on, investing in and managing
infrastructure assets within the utilities, PPP, transport,
renewable energy and regeneration sectors.
Amber provides investment advisory services to International
Public Partnerships
Limited as well as private investment funds, specialising in
urban regeneration. Amber is headquartered in London with offices
in Munich, Sydney, Melbourne and San Francisco and employs over 100
people, making it one of the largest international infrastructure
specialists.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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