International Public Partnership Ld Refinancing of Liverpool Central Library (5173S)
June 26 2018 - 2:00AM
UK Regulatory
TIDMINPP
RNS Number : 5173S
International Public Partnership Ld
26 June 2018
SUCCESSFUL REFINANCING OF LIVERPOOL CENTRAL LIBRARY
26 June 2018
International Public Partnerships Limited, the listed
infrastructure investment company ('the Company', 'INPP') has
successfully completed a refinancing of the senior debt in the
Liverpool Central Library Project (the 'Library' or the 'Project')
in conjunction with Aviva Investors ('Aviva').
The refinancing has allowed Liverpool City Council (the
'Council') and the Company to take advantage of improved lending
margins in the current debt market for good quality projects such
as the Library, delivering in excess of GBP1 million of additional
benefit to the Council.
The Company's record of strong operational performance in
respect of the Library since opening contributed to the ability to
attract highly competitive terms from commercial lenders. The
Company believes that excellent operational performance goes hand
in hand with excellent financial performance. Since the Library
re-opened in May 2013 after extensive construction and restoration
financed by the Company, visitor numbers to the Library have
increased by almost 50%. During 2017 alone, over 750,000 visitors
used the Library, with numbers expected to surpass 800,000 by the
end of 2018. The gain on the refinancing was shared in accordance
with the Company's contract with the Council enabling the Council
to achieve significant additional value for money from the
Project.
The current refinancing is one of a series across the Company's
portfolio that is being conducted with the aim of delivering
savings to the projects and the Local Authorities which commission
the public services each project provides. To date, a total of four
schemes have been refinanced in conjunction with Aviva and Amber
Infrastructure, with further refinancings planned later in
2018.
Rupert Dorey, Chairman of International Public Partnerships,
said: "In refinancing Liverpool Central Library's debt on more
favourable terms, we have delivered material cost savings to the
public sector end-user and in doing so, demonstrated our commitment
to active asset management of the public infrastructure projects
under our long-term ownership. We continue to maintain exceedingly
strong relationships with all our public stakeholders and we look
forward to continuing to help manage a leading UNESCO world
heritage site for Liverpool's tourists and local residents."
ENDS.
For further information:
Erica Sibree/Amy Joslin +44 (0)20 7939 0558/0587
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
About International Public Partnerships (INPP):
International Public Partnerships ('INPP') is a listed
infrastructure investment company which invests in global public
infrastructure projects.
Listed in 2006, INPP is a long-term investor in 129
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 Adviser
to INPP and consists over 100 dedicated staff who manage, advise on
and originate investments for INPP.
Visit the INPP website at
www.internationalpublicpartnerships.com for more information.
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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