Additional investment - existing project ?21.2m

RNS Number : 7108A

HICL Infrastructure Company Ld

25 March 2013

 



25 March 2013

HICL Infrastructure Company Limited

Additional investment in an existing project for £21.2m

HICL Infrastructure Company Limited ("HICL" or the "Company", and together with its subsidiaries the "Group"), the listed infrastructure investment company, is pleased to announce that the Group has agreed to buy additional equity and loan note interests  in the Highlands Schools PFI Project from a subsidiary of 3i Infrastructure plc. This takes the Group's total interests in this project to 100%.

The Highland Schools PFI project is a 30-year concession with the Highland Council in Scotland to design, build and operate eleven urban and rural schools with a total capital value of GBP143m. This all-new build concession runs until 2037.

The total consideration to be paid by the Group for the additional stake is £21.2m and is in line with the current valuation of similar UK PFI projects in the Group's portfolio. The acquisition was funded from the Group's debt facility and takes the Group's funding requirement to £78.7m including the Conditional Investments announced on 26 February in conjunction with the Placing, Open Offer and Offer for Subscription of New Ordinary Shares.  The acquisition builds on the Group's strategy of increasing its shareholdings in existing infrastructure investments.

Enquiries

InfraRed Capital Partners Limited      [phone]

Tony Roper

Keith Pickard

Robin Hubbard

Tulchan Communications                   [phone]

Ed Orlebar

Rebecca Scott

Canaccord Genuity Limited                 [phone]

Dominic Waters

Neil Brierley

Will Barnett

David Yovichic

HICL Infrastructure Company Limited

The Company is a long term investor in infrastructure projects which are predominantly in their operating phase and yielding steady returns. It was the first infrastructure investment company to be listed on the London Stock Exchange. It currently owns a portfolio of 79 infrastructure investments, all of which are social and transportation projects, and is seeking further suitable investment opportunities which fit its stated Investment Strategy.

Further details of the Company can be found on its website www.hicl.com.

Investment Adviser

The Investment Adviser to the Company is InfraRed Capital Partners Limited, whose infrastructure investment team has successfully invested in infrastructure projects since 1997.

InfraRed Capital Partners Limited is authorised and regulated by the Financial Services Authority.

 

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