REG - International PPL - INPP increases and extends its debt facility

International Public PartnershipsAnnouncement

21/04/2023 07:00

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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
£250 million to £350 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 £400 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.£17 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 238 355

 Amber Fund Management Limited

 Ed Berry / Mitch Barltrop / Jenny Boyd  +44 (0) 7703 330 199/(0) 7807 296 032/(0) 7971 005 577

 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 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.

 

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