International Public Partnerships Limited (LON:INPP), the FTSE-250 listed investment company, has announced that it has successfully amended the terms of its Corporate Debt Facility to support the Company’s investment pipeline.
International Public Partnerships 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 International Public Partnerships’ investment pipeline, including the Moray East OFTO and the portfolio of five operational assets in New Zealand.
