International Public Partnership Ld Three Year Extension to Corporate Debt Facility (3293T)
July 03 2018 - 2:00AM
UK Regulatory
TIDMINPP
RNS Number : 3293T
International Public Partnership Ld
03 July 2018
INPP EXTENDS corporate debt facility FOR FURTHER THREE YEARS ON
MORE FAVOURABLE terms
3 July 2018
International Public Partnerships ('the Company', 'INPP'), the
listed infrastructure investment company, is pleased to announce
that it has successfully revised the terms of its corporate debt
facility, renewing the facility for a further three years to July
2021 to support its future pipeline.
The existing facility of GBP400 million, due to expire in
November 2019, has been extended to July 2021 on improved terms
including:
-- the margin on cash drawn amounts of the facility has reduced
from 175bps to 165bps over Libor;
-- a ratchet mechanism on the commitment fee such that the fee
falls from 80bps to 60bps when the facility is more than 75%
utilised; and
-- the facility now features an 'accordion' facility which will
allow for a future extension of the facility by a further GBP150
million during the term if required, allowing additional
flexibility.
The banking group for the existing facility will be retained,
with the potential to introduce new lenders should the accordion
component be exercised. These include National Australia Bank,
Royal Bank of Scotland International, Sumitomo Mitsui Banking
Corporation and Barclays Bank.
At 29 June 2018, the Company had utilised GBP26 million of the
credit available to it under its corporate debt facility, leaving
GBP374 million of the GBP400 million facility available. Of this
c.GBP255 million is currently committed to fund existing investment
commitments including Dudgeon Offshore Transmission Project
('OFTO'), on which the Company is currently the preferred bidder,
and further investments into Cadent, digital infrastructure, and
the Offenbach Police Headquarters in Germany.
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
UPDLLFLRDLIFIIT
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