BBGI SICAV S.A. Acquisition (1054Z)
May 16 2019 - 2:00AM
UK Regulatory
TIDMBBGI
RNS Number : 1054Z
BBGI SICAV S.A.
16 May 2019
16 May 2019
BBGI SICAV S.A.
(the "Company")
Acquisition of a further interest in US PPP project
BBGI SICAV S.A. (LSE ticker: BBGI), the global PPP
infrastructure investment company, is pleased to announce that it
has completed the acquisition of a further 33.3% equity interest in
the Ohio River Bridges - East End Crossing PPP Project and now owns
66.6% of the equity in the project.
The Ohio River Bridges - East End Crossing PPP project is a
large-scale availability-based infrastructure project. The fully
operational project opened to the public on schedule in December
2016. The East End Crossing greatly improves connectivity, public
safety and economic growth for residents, businesses and visitors
in the Southern Indiana region. The centerpiece of the project is
the Lewis and Clark Bridge, a twin-tower, cable-stayed bridge that
stretches 760 m across the Ohio River. The asset is classified as
availability-based under the investment policy of the Company and
the concession runs until 2051. Availability payments are received
from the Indiana Finance Authority (S&P: AA+ Moody's: Aa1).
The consideration payable by the Company for the additional
interests is in-line with the Company's current valuation and will
be funded from the Company's existing cash resources and drawings
under its credit facility.
Duncan Ball, Co-CEO commented:
"Ohio River Bridges is now one of the largest investments in our
portfolio and we are delighted to have been able to increase our
holding in this high quality, stable, operational US PPP project.
Having been involved in the project from construction and then into
operation, we know the asset well and have been very pleased with
the performance to-date. Given our existing involvement with this
project, no additional management resources will be needed to
oversee the incremental investment, helping to contribute to BBGI's
low on-going charge"
Frank Schramm, Co-CEO added:
"The transaction increases our exposure to the USA and has a
long remaining concession life of 32 years. All of the investments
in our portfolio remain low risk, availability-based projects and
this transaction follows our purist approach to investing in
availability-based projects."
For further information, please contact:
BBGI Management Team +352 263 479-1
Duncan Ball
Frank Schramm
BBGI is a FTSE 250 Company and owns a global portfolio of 48
infrastructure assets. These are PPP assets and are supported by
contracted, public sector-backed revenue streams, with
inflation-protection characteristics.
Further information about BBGI is available on its website at
www.bb-gi.com *.
The Company's LEI is: 529900CV0RWCOP5YHK95
Any reference to the Company or BBGI refers also to its
subsidiaries (where applicable).
* Neither the Company's website nor the content of any website
accessible from hyperlinks on its website (or any other website) is
(or is deemed to be) incorporated into, or forms (or is deemed to
form) part of this announcement.
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END
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