International Public Partnerships Limited

Capital/Financing Update • Nov 23, 2016

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RNS Number : 8868P

International Public Partnership Ld

23 November 2016

23 November 2016

INPP increases corporate debt facility to £400 million to support future pipeline

International Public Partnerships Limited (the Company, INPP) is pleased to announce that it has successfully revised the terms of its corporate debt facility, increasing the facility from £300 million to £400 million.

The existing facility, due to expire in May 2018, has been extended and will now become due for renewal in November 2019. The increase to £400 million will support the strong pipeline of new potential investment opportunities into regulated and other public infrastructure over the next 12 months. As such the facility is intended to provide the Company with the flexibility to invest in appropriate opportunities rather than serving as long-term, structural leverage.

The facility has been renewed on the same terms as the existing facility. The margin on cash drawn amounts of the facility will continue to be 175 bps over Libor.  In addition, the availability of the facility to provide letters of credit has been increased from £300 million to £400 million, providing the Company with flexibility, particularly around investments made during the construction phase of projects. The commitment fee on the facility remains at 70 bps. 

As part of the increase to the existing facility, the banking group is to be expanded to include Barclays and an additional participation from Sumitomo Mitsui Banking Corporation ("SMBC"). These two lenders will rank alongside the existing banking group of Royal Bank of Scotland and National Australia Bank.

The Company has utilised £138.4 million of the credit available under its revolving credit facility, (taking into account its future investment obligations into new projects, including its investment commitments to the Thames Tideway Tunnel project and a drawn cash balance of £13.5 million). The Company has fully deployed the capital previously raised in July 2016.

For further information:

Erica Sibree                                                    +44 (0)20 7939 0558

Amber Fund Management Limited                                

Nick Westlake/Hugh Jonathan                            +44 (0)20 7260 1345/1263

Numis Securities       

Ed Berry/Mitch Barltrop                                     +44 (0)20 3727 1046 / 1039

FTI Consulting

Notes to Editors:

About International Public Partnerships (INPP):

International Public Partnerships ('INPP') is a listed infrastructure investment company which invests in global public infrastructure projects developed under the public private partnerships ('PPP'), private finance initiative ('PFI'), regulated asset and other similar procurement methods.

Listed in 2006, INPP is a long-term investor in 126 social and transport 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 Advisor to INPP and consists around 90 dedicated staff who manage, advise on and originate projects for INPP.

Visit the INPP website at www.internationalpublicpartnerships.com for more information.

This information is provided by RNS

The company news service from the London Stock Exchange

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