REG - GCP Infra Inv Ltd - Investor report at 30 September 2023

GCP Infrastructure InvestmentsAnnouncement

15/11/2023 07:15

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RNS Number : 4422T  GCP Infrastructure Investments Ltd  15 November 2023

GCP Infrastructure Investments Limited

("GCP Infra" or the "Company")

LEI 213800W64MNATSIV5Z47

 

Quarterly investor update

 

15 November 2023

 

GCP Infra is pleased to announce the publication of its investor report, which
is available at www.gcpinfra.com (http://www.gcpinfra.com) .

 

At 30 September 2023:

 

·    The net asset value was, as previously announced, 109.79 pence per
ordinary share;

·    The Company was exposed to a diversified and partially inflation
protected portfolio of 51 investments with an unaudited valuation of £1.0
billion; and

·    The portfolio had a weight-adjusted average annualised yield of 7.9%,
principal outstanding of £1.0 billion and an average life of ten years.

 

In the quarter to 30 September 2023, the Company completed a refinancing of
two existing loan notes secured against two waste-wood biomass projects,
valued at c. £85 million as at 31 March 2023 and committed to a new £50
million loan note as part of a syndicated facility supporting the same, and
one additional, biomass project. This refinancing generated £50 million of
net cash proceeds that were used to repay the Company's revolving credit
facility. Prepayment fees and valuation impacts totalling c. £10 million led
to a c. 1.2 pence per ordinary share uplift to the Company's net asset value.
At 30 September 2023, the Company had £104 million (30 June 2023: £154
million) outstanding under its revolving credit arrangements.

 

Share buyback programme

The Company remains committed to pursuing buyback opportunities in line with
the strategy that has been set out previously, and to benefit from the
investment opportunity that the Company's shares offer at the current price.
At 30 September 2023, the Company had bought back 13,565,019 shares.

 

Company broker

On 10 October 2023, the Company announced the appointment of RBC Capital
Markets ("RBC") as the Company's joint corporate broker, to work alongside
Stifel Nicolaus Europe Limited. RBC's appointment was the result of a process
that was run by the Company to identify and appoint a party to further support
the delivery of the Company's strategy.

 

For further information, please contact:

 

 Gravis Capital Management Limited             +44 (0)20 3405 8500

 Philip Kent

 Ed Simpson

 Max Gilbert

 RBC Capital Markets                           +44 (0)20 7653 4000

 Matthew Coakes

 Elizabeth Evans

 Stifel Nicolaus Europe Limited                +44 (0)20 7710 7600

 Edward Gibson-Watt

 Jonathan Wilkes-Green

 Buchanan/Quill                                +44 (0)20 7466 5000

 Helen Tarbet

 Sarah Gibbons-Cook

 Henry Wilson

 

Notes to the Editor

 

About GCP Infra

GCP Infra is a closed-ended investment company and FTSE-250 constituent, its
shares are traded on the main market of the London Stock Exchange. The
Company's objective is to provide shareholders with regular, sustained,
long-term distributions and to preserve capital over the long term by
generating exposure to UK infrastructure debt and related and/or similar
assets.

 

The Company primarily targets investments in infrastructure projects with long
term, public sector-backed, availability-based revenues. Where possible,
investments are structured to benefit from partial inflation protection. GCP
Infra is advised by Gravis Capital Management Limited.

 

GCP Infra has been awarded with the London Stock Exchange's Green Economy Mark
in recognition of its contribution to positive environmental outcomes.

 

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