Additional RCF Repayment and Partial Cancellation
29 April 2024
DIGITAL 9 INFRASTRUCTURE PLC
("D9" or the "Company" and, together with its subsidiaries, the "Group")
Additional RCF Repayment and Partial Cancellation
The Board of D9 (the "Board") is pleased to confirm that the Company has received the deferred consideration payment of US$25 million (approximately £20 million*) in connection with the sale of the Verne Global group of companies (the "Verne Transaction") which was announced on 15 March 2024.
The Company had previously ringfenced £23 million from the Initial Purchase Price proceeds for prudent capital management in connection with certain indemnification provisions made in connection with the Verne Transaction, as detailed in the announcement of 15 March 2024. Such indemnification provisions have ceased to apply.
As such, the Company intends to make a total additional repayment and partial cancellation of its Group's Revolving Credit Facility ("RCF") in the amount of c.£47 million on Friday 3rd May 2024. The repayment will also include funds which can be released from the Interest Reserve as a consequence of the repayment itself resulting in a reduced drawn amount.
The resulting outstanding drawn amount of c.£53 million compares with £373.8 million in March 2024. The Board expects this reduction since March 2024 to result in a net interest expense saving of c.£28 million to the end of the term of the RCF, thereby enabling the Company to have achieved a substantial balance sheet deleveraging following completion of the Verne Transaction.
* GBP amounts based on a 1.25 USD/GBP exchange rate as of 25 April 2024.
ENDS.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
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Triple Point Investment Management LLP (Investment Manager) Diego Massidda Ben Beaton Arnaud Jaguin |
+44 (0)20 7201 8989 D9contact@triplepoint.co.uk
|
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Liberum Capital Limited (Financial Adviser) Chris Clarke Darren Vickers Owen Matthews
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+44 (0)203 100 2000 |
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J.P. Morgan Cazenove (Corporate Broker) William Simmonds Jérémie Birnbaum |
+44 (0)20 7742 4000 |
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FTI Consulting (Communications Adviser) Mitch Barltrop Maxime Lopes |
+44 (0) 7807 296 032 +44 (0) 7890 896 777 |
About Digital 9 Infrastructure plc:
Digital 9 Infrastructure plc (DGI9) is an investment trust listed on the London Stock Exchange and a constituent of the FTSE All-Share, with the ticker DGI9. The Company invests in the infrastructure of the internet that underpins the world's digital economy: digital infrastructure.
The Investment Manager is Triple Point Investment Management LLP ("Triple Point") which is authorised and regulated by the Financial Conduct Authority. For more information on the Investment Manager please visit www.triplepoint.co.uk. For more information, please visit www.d9infrastructure.com.
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