International Public Partnerships INPP increases and extends its debt facility (9833W)
April 21 2023 - 2:00AM
UK Regulatory
TIDMINPP
RNS Number : 9833W
International Public Partnerships
21 April 2023
INPP increases and extends its corporate debt facility
21 April 2023
International Public Partnerships Limited ('the Company',
'INPP'), the FTSE-250 listed investment company, is pleased to
announce that it has successfully amended the terms of its
Corporate Debt Facility ('CDF') to support the Company's investment
pipeline.
The Company has agreed to increase the committed size of its
existing CDF from GBP250 million to GBP350 million. In addition,
the Company will retain a flexible 'accordion' component which
would, subject to lender approval, allow for a further increase in
the committed size of the facility to GBP400 million. The maturity
date of the CDF has also been amended from March 2024 to June 2025.
The key pricing terms remain unchanged, as follows:
-- 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 CDF remains unchanged and comprises
National Australia Bank, The Royal Bank of Scotland International,
Sumitomo Mitsui Banking Corporation and Barclays Bank.
As at 20 April 2023, the facility was undrawn from a cash
perspective but with c.GBP17 million committed via letters of
credit for near-term pipeline investments. The funding available
under the CDF will be used to finance the Company's investment
pipeline, including the Moray East OFTO and the portfolio of five
operational assets in New Zealand.
ENDS.
For further information:
Erica Sibree/Amy Edwards + 44 (0) 7557 676 499/(0) 7827 238
Amber Fund Management Limited 355
Ed Berry / Mitch Barltrop
/ Jenny Boyd +44 (0) 7703 330 199/(0) 7807 296
FTI Consulting 032/(0) 7971 005 577
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 138 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 Fund Management Limited ('AFML'), the Investment Adviser
to INPP, is part of the Amber Infrastructure Group ('Amber') which
consists of approximately 170 staff who are responsible for the
management of, advice on and origination of infrastructure
investments.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCURARROWUSUUR
(END) Dow Jones Newswires
April 21, 2023 02:00 ET (06:00 GMT)
International Public Par... (LSE:INPP)
Historical Stock Chart
From Mar 2024 to Apr 2024
International Public Par... (LSE:INPP)
Historical Stock Chart
From Apr 2023 to Apr 2024