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Trading statements

3i Infrastructure portfolio performing well

07 July 2016 07:43

3i Infrastructure says its portfolio continues to perform in line with expectations, generating portfolio income of £13.1 million in the three months to the end of June. This compares to £14.0 million in the first quarter a year ago.

Highlights - The Company completed on 9 June 2016 the acquisition of a 36% economic interest in Wireless Infrastructure Group ("WIG") for approximately £75 million, following EU Merger Regulation clearance.

- The Company announced on 29 April 2016 an investment in TCR for approximately €200 million. The transaction is on track to complete by the end of July 2016.

- The Hart van Zuid greenfield PPP project reached financial close on 29 April 2016. The Company has committed to invest approximately €5 million. On 29 June 2016, a consortium including the Company has been appointed as the selected bidder for the A27/A1 greenfield PPP project in the Netherlands.

- The Company announced the successful completion of its capital raise on 8 June 2016, with gross proceeds of £385 million, increased from the target size of £350 million. The offering was significantly oversubscribed.

- The portfolio continues to perform in line with expectations, generating portfolio income of £13.1 million in the period. This compares to £14.0 million in the first quarter to 30 June 2015.

- The Company's liquidity position remains strong, with a pro forma cash balance of approximately £177 million as at 30 June 2016, after deducting approximately £148 million for the investment in TCR and £29 million for the payment of the final dividend for the financial year ended 31 March 2016 ("FY2016"), which is due to be paid on 11 July 2016. The undrawn Revolving Credit Facility ("RCF") balance is £471 million, including a £200 million temporary additional facility.

- The Investment Adviser continues to develop its pipeline of new investment opportunities across the Company's target markets of economic infrastructure and greenfield projects.

Chairman Richard Laing said: "The portfolio is performing well and the Company made some significant investments in the first quarter. The results of the capital raise were very encouraging and the Board was pleased with the strong support received from both existing and new shareholders."

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Related Company: 3IN

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