Extension of Corporate Debt Facility

RNS Number : 0908R

International Public Partnerships

04 March 2021

 

INPP EXTENDS corporate debt facility FOR FURTHER THREE YEARS

4 March 2021

International Public Partnerships ('the Company', 'INPP'), the listed infrastructure investment company, is pleased to announce that it has renewed its corporate debt facility for a further three years to March 2024 to support its future investment pipeline.

The new facility has the same overall £400 million capacity as the previous fully committed arrangement but is structured to more efficiently support the Company's near-term pipeline comprising £250 million on a fully committed basis together with a flexible 'accordion' component which will, subject to lender approval, allow for a future extension by an additional £150 million. The new facility will expire in March 2024 and the following key pricing terms have been negotiated:

· a margin of 165bps over EURIBOR for Euro drawings and 170bps over SONIA for Sterling drawings; and

· a ratchet mechanism applies to the commitment fee such that it varies between 50bps and 90bps depending on the level of utilisation.

The banking group for the existing facility has been retained. This includes National Australia Bank, The Royal Bank of Scotland International, Sumitomo Mitsui Banking Corporation and Barclays Bank.

As at 3 March 2021, the Company had utilised £38 million of the credit available to it under the debt facility, leaving £212 million of the new £250 million committed facility available. This available funding will be used to finance the Company's existing preferred bidder Offshore Transmission Project ('OFTO') investment commitments including Beatrice, Rampion and East Anglia One OFTOs, as well as further investments into Diabolo Rail, Offenbach Police Headquarters and existing digital infrastructure investments.

ENDS.

For further information:

Erica Sibree/Amy Edwards  [phone]/0587

Amber Fund Management Limited 

Hugh Jonathan [phone]

Numis Securities  

Ed Berry/Mitch Barltrop [phone]/1039
FTI Consulting

About International Public Partnerships (INPP):

INPP is a listed infrastructure investment company that invests in global public infrastructure projects and businesses, which meets societal and environmental needs, both now, and into the future.

INPP is a responsible, long-term investor in 130 infrastructure projects and businesses. The portfolio consists of utility and transmission, transport, education, health, justice and digital infrastructure projects and businesses, in the UK, Europe, Australia and North America. INPP seeks to provide its shareholders with both a long-term yield and capital growth.

Amber Infrastructure Group ('Amber') is the Investment Adviser to INPP and consists of over 130 staff who are responsible for the management of, advice on and origination of infrastructure investments.

 

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