International Public Partnerships (LON:INPP), the listed infrastructure investment company, today announced that it has successfully revised the terms of its corporate debt facility, renewing the facility for a further three years to July 2021 to support its future pipeline.
The existing facility of £400 million, due to expire in November 2019, has been extended to July 2021 on improved terms including:
· the margin on cash drawn amounts of the facility has reduced from 175bps to 165bps over Libor;
· a ratchet mechanism on the commitment fee such that the fee falls from 80bps to 60bps when the facility is more than 75% utilised; and
· the facility now features an ‘accordion’ facility which will allow for a future extension of the facility by a further £150 million during the term if required, allowing additional flexibility.
The banking group for the existing facility will be retained, with the potential to introduce new lenders should the accordion component be exercised. These include National Australia Bank, Royal Bank of Scotland International, Sumitomo Mitsui Banking Corporation and Barclays Bank.
At 29 June 2018, the Company had utilised £26 million of the credit available to it under its corporate debt facility, leaving £374 million of the £400 million facility available. Of this c.£255 million is currently committed to fund existing investment commitments including Dudgeon Offshore Transmission Project (‘OFTO’), on which the Company is currently the preferred bidder, and further investments into Cadent, digital infrastructure, and the Offenbach Police Headquarters in Germany.
