Refinancing

HSBC Infrastructure Company Limited
21 December 2007


PRESS RELEASE


21 December 2007


  HICL refinances existing debt with £200m bank facility and completes £14.4m
                     acquisition of interest in Home Office


HSBC Infrastructure Company Limited ('HICL'), the listed infrastructure
investment company, announces today it has refinanced the group's debt
facilities with a five year £200 million facility from Bank of Scotland plc (the
'Refinancing') and completed the acquisition of additional equity and interests
in the Home Office PFI Project (the 'Acquisition').


The Refinancing provides a £200 million multi-currency facility from Bank of
Scotland, for a five year term and replaces the group's previous £135 million
debt facilities. The debt is on better terms than the previous facilities and
interest rates are partially hedged for the term of the facility.


The Acquisition is for 14.14% equity and additional debt interests in the Home
Office PFI Project, one of the Company's current portfolio investments for a
fixed cash amount of £14.4 million. Shareholder approval for the acquisition was
obtained at an Extraordinary General Meeting of HICL on 17 December. Full
details of the Acquisition were set out in a circular to shareholders dated 20
November 2007.


Tony Roper, Director, HSBC Specialist Fund Management Limited, HICL's Investment
Adviser, said 'I am very pleased to have completed both the Home Office
acquisition and debt refinancing. I believe the refinancing, with an increased
facility size in a generally challenging debt market, underlines the strength of
HICL's long term, stable cashflows from a quality portfolio of infrastructure
assets.'


HSBC Specialist Fund Management Limited

Tony Roper [phone]


M:Communications:

Ed Orlebar [phone]

Tilly von Twickel [phone]

HSBC 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 manages a portfolio of mostly operational infrastructure projects
and seeks to acquire further investment opportunities.


The Investment Adviser to the Company is HSBC Specialist Fund Management

Limited (HSFML), whose infrastructure investment team has successfully invested
in infrastructure projects since 1997. HSFML is part of HSBC Specialist
Investments, the infrastructure and real estate investment arm of the HSBC
Group, and is authorised and regulated by the Financial Services Authority.



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