Three Year Extension to Corporate Debt Facility
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 £400 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 £150 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 £26 million of the credit available to it under its corporate debt facility, leaving £374 million of the £400 million facility available. Of this c.£255 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.
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