TIDMGCP

RNS Number : 4422T

GCP Infrastructure Investments Ltd

15 November 2023

GCP Infrastructure Investments Limited

("GCP Infra" or the "Company")

LEI 213800W64MNATSIV5Z47

Quarterly investor update

15 November 2023

GCP Infra is pleased to announce the publication of its investor report, which is available at www.gcpinfra.com .

At 30 September 2023:

   --    The net asset value was, as previously announced, 109.79 pence per ordinary share;

-- The Company was exposed to a diversified and partially inflation protected portfolio of 51 investments with an unaudited valuation of GBP1.0 billion; and

-- The portfolio had a weight-adjusted average annualised yield of 7.9%, principal outstanding of GBP1.0 billion and an average life of ten years.

In the quarter to 30 September 2023, the Company completed a refinancing of two existing loan notes secured against two waste-wood biomass projects, valued at c. GBP85 million as at 31 March 2023 and committed to a new GBP50 million loan note as part of a syndicated facility supporting the same, and one additional, biomass project. This refinancing generated GBP50 million of net cash proceeds that were used to repay the Company's revolving credit facility. Prepayment fees and valuation impacts totalling c. GBP10 million led to a c. 1.2 pence per ordinary share uplift to the Company's net asset value. At 30 September 2023, the Company had GBP104 million (30 June 2023: GBP154 million) outstanding under its revolving credit arrangements.

Share buyback programme

The Company remains committed to pursuing buyback opportunities in line with the strategy that has been set out previously, and to benefit from the investment opportunity that the Company's shares offer at the current price. At 30 September 2023, the Company had bought back 13,565,019 shares.

Company broker

On 10 October 2023, the Company announced the appointment of RBC Capital Markets ("RBC") as the Company's joint corporate broker, to work alongside Stifel Nicolaus Europe Limited. RBC's appointment was the result of a process that was run by the Company to identify and appoint a party to further support the delivery of the Company's strategy.

For further information, please contact:

 
 Gravis Capital Management Limited 
  Philip Kent 
  Ed Simpson 
  Max Gilbert                         +44 (0)20 3405 8500 
 RBC Capital Markets 
  Matthew Coakes 
  Elizabeth Evans                     +44 (0)20 7653 4000 
 
 Stifel Nicolaus Europe Limited 
  Edward Gibson-Watt 
  Jonathan Wilkes-Green               +44 (0)20 7710 7600 
 Buchanan/Quill 
  Helen Tarbet 
  Sarah Gibbons-Cook 
  Henry Wilson                        +44 (0)20 7466 5000

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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