Refinancing of Liverpool Central Library

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 £1 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                                                                [phone]/0587

Amber Fund Management Limited                                                         

Hugh Jonathan                                                                               [phone]

Numis Securities            

Ed Berry/Mitch Barltrop                                                                [phone]/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.

 

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