INPP increases debt facility to £400m

International Public Partnerships (INPP) said it had increased and extended its debt facility to £400m from £300m.

The existing facility, due to expire in May 2018, will now become due for renewal in November 2019, INPP said.

The increase will support “the strong pipeline of new potential investment opportunities into regulated and other public infrastructure over the next 12 months”, it added.

The facility has been renewed on the same terms as the existing facility. The margin on cash drawn amounts of the facility will continue to be 175 bps over Libor.

“As part of the increase to the existing facility, the banking group is to be expanded to include Barclays and an additional participation from Sumitomo Mitsui Banking Corporation. These two lenders will rank alongside the existing banking group of Royal Bank of Scotland and National Australia Bank,” IPP said.

It added that it had utilised £138.4m of the credit available under its revolving credit facility, taking into account its future investment obligations into new projects, including its investment commitments to the Thames Tideway Tunnel project and a drawn cash balance of £13.5m.