REG - GCP Infra Inv Ltd - Revolving Credit Facility

GCP Infrastructure InvestmentsAnnouncement

20/02/2024 07:00

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RNS Number : 6723D  GCP Infrastructure Investments Ltd  20 February 2024

GCP Infrastructure Investments Limited

("GCP Infra" or the "Company")

LEI: 213800W64MNATSIV5Z47

Revolving credit facility

 

20 February 2024

GCP Infra is pleased to announce that on 15 February 2024, the Company entered
into a new revolving credit facility ("RCF"). The Company has reduced the
total RCF commitments to £150 million, from £190 million previously, in line
with the Company's stated capital allocation policy that has been set out in
the 2023 annual report.

The RCF has been agreed with four lenders, Lloyds Bank, Mizuho Bank, Allied
Irish Bank and Clydesdale Bank (trading as Virgin Money). The new facility has
a three-year term and was refinanced on similar terms to the previous RCF,
with the most notable amendment being the introduction of additional
flexibility in utilisations and repayments to allow the Company to enhance its
working capital management. The interest and commitment fees charged remain
unchanged at SONIA plus 2.00% per annum and 0.70% per annum respectively.

As part of the refinance, the Company repaid c. £10 million of the RCF,
reducing the drawn balance to c. £96 million, after accounting for accrued
interest and refinance costs (31 December 2023: £104 million). The Company's
net debt position is currently c. £72 million.

The Company remains committed to materially repay the RCF and intends to
return at least £50 million of capital to shareholders during 2024 as has
been set out previously. Further updates on the progress of the Company's
disposal activities will be provided in due course.

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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