REG - 3i Infrastructure - 3i Infrastructure plc Pre-close update March 2023

3i InfrastructureAnnouncement

31/03/2023 07:00

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RNS Number : 8490U  3i Infrastructure PLC  31 March 2023

31 March 2023

 

3i Infrastructure plc Pre-close update March 2023

 

 

Continuing to deliver strong growth

 

3i Infrastructure plc ('3iN' or the 'Company') is an investment company whose
purpose is to invest responsibly in infrastructure, delivering long-term
sustainable returns to shareholders and having a positive impact on our
portfolio companies and their stakeholders.

 

This statement relates to the period from 1 October 2022 to 30 March 2023 (the
'Period').

 

Highlights

 

·    Portfolio performing strongly: In particular, we note strong
performance from TCR, Tampnet, Infinis, Valorem, Attero, ESVAGT and Ionisos,
each of which continues to benefit from the positive underlying growth trends
and contract wins announced in the Q3 trading update. The other portfolio
companies are performing in line with expectations, with the exception of
DNS:NET, which continues to face challenges with its network rollout.

We're confident that the portfolio will continue to generate attractive
further investment opportunities.

 

·    Income in line with expectations in the Period: Total income and
non-income cash of £104 million was received in the Period.

 

·    FY23 dividend target: The Company is on track to deliver the FY23
dividend target of 11.15 pence per share, up 6.7% from FY22, which is fully
covered by net income.

 

·    Capital raising: 3iN successfully raised net proceeds of £100
million in February through an equity placing, providing the Company with
additional flexibility to fund attractive discretionary growth opportunities
in our portfolio, such as the recent £28 million acquisition of Future
Biogas, which, together with its sister company Infinis, forms the UK's
leading independent producer of green gas.

 

·    Balance sheet: At 30 March 2023, the Company had available liquidity
of £405m, including a cash balance of £6 million, and undrawn commitments of
£399 million available under its £900 million Revolving Credit Facility
('RCF'). The RCF commitments run to November 2025, with a further one year
extension option available under the terms of the facility.

 

·    No near-term refinancing exposure: There are no material refinancing
requirements in the portfolio until 2026. As at the Period end date, c. 95% of
the long-term debt facilities are either hedged or fixed rate. We expect that
only c.11% of portfolio company debt will mature by March 2026.

 

·    Attero: Preparations for the potential divestment of Attero are at an
advanced stage. Attero is a high quality asset in the circular economy and we
are expecting strong interest from potential purchasers.

 

 

Scott Moseley and Bernardo Sottomayor, Managing Partners and Co-Heads of
European Infrastructure, 3i Investments plc, Investment Manager of the
Company, commented: "As expected, we are continuing to generate strong growth
momentum across the portfolio. The megatrends we have selected are long term
by nature, and our companies have proven their resilience throughout the
economic cycle, providing confidence that 3iN is structurally positioned to
continue to grow value for its shareholders. We are confident that there is
material latent value within the portfolio."

 

 

Ends

 

 

 

For information, please contact:

 

 Thomas Fodor       Shareholder enquiries  +44 20 7975 3469
 Elmley de la Cour  Media enquiries        +44 20 7975 3023

 

 

About 3i Infrastructure plc

3i Infrastructure plc is a Jersey-incorporated, closed-ended investment
company, an approved UK Investment Trust, listed on the London Stock Exchange
and regulated by the Jersey Financial Services Commission. The Company's
purpose is to invest responsibly in infrastructure, delivering

long-term sustainable returns to shareholders and having a positive impact on
our portfolio companies and stakeholders.

 

3i Investments plc, a wholly-owned subsidiary of 3i Group plc, is authorised
and regulated in the UK by the Financial Conduct Authority and is the
investment manager of 3i Infrastructure plc.

 

This press release is not for distribution (directly or indirectly) in or to
the United States, Canada, Australia or Japan and is not an offer of
securities for sale in or into the United States, Canada, Australia or
Japan.  Securities may not be offered or sold in the United States absent
registration under the U.S.  Securities Act of 1933, as amended (the
'Securities Act'), or an exemption from registration under the Securities
Act.  Any public offering to be made in the United States will be made by
means of a prospectus that may be obtained from the issuer or selling security
holder and will contain detailed information about 3i Group plc, 3i
Infrastructure plc and management, as applicable, as well as financial
statements.  No public offering in the United States is currently
contemplated.

 

This statement aims to give an indication of material events and transactions
that have taken place in the period from 1 October 2022 to 30 March 2023 and
their impact on the financial position of 3i Infrastructure plc.  These
indications reflect the Board's current view.  They are subject to a number
of risks and uncertainties and could change.  Factors which could cause or
contribute to changes include, but are not limited to, general economic and
market conditions and specific factors affecting the financial prospects or
performance of individual investments within the portfolio of 3i
Infrastructure plc.

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