3i Infrastructure has signed a new £200 million (€237 million; $323 million) revolving credit facility that will act as a bridge to equity for the financing of future infrastructure transactions. The facility has been provided by Lloyds TSB Bank, Royal Bank of Scotland, National Australia Bank, Citigroup Global Markets and Societe Generale.
The facility was announced as part of an interim management statement released by 3i Infrastructure yesterday, covering the period 1 October 2010 to 2 February 2011. The new facility, which runs for three years, replaces a £225 million equivalent which was due to expire next month.
In the same statement, the company said portfolio assets “continue to perform well” and delivered income in the final quarter of last year of £23.8 million. This compared with a nine-month income to the end of last year of £54.3 million. The firm noted that an “important element” of its results to 31 March 2011 will be a valuation exercise to be carried out on the portfolio at that date.
During the October to February period, 3i Infrastructure made £175 million of new investments and commitments. This comprised a £151 million investment as part of the £2.1 billion acquisition of UK rolling stock company Eversholt Rail Group alongside Morgan Stanley Infrastructure Partners and STAR Capital Partners; and an initial £15 million as part of a commitment to invest £24 million in GVK Energy, the energy arm of Indian infrastructure company GVK Power & Infrastructure.
The firm also revealed that, in October last year, it sold its entire holding in a junior debt facility of Veridian, the Irish energy company, for £46.8 million. The holding, which had been built up during 2008 and 2009, delivered a profit over original cost of £4.8 million.
3i Infrastructure, which listed on the London Stock Exchange in March 2007, raised £703 million in an initial public offering and then a further £115 million in a subsequent placing and open offer in July 2008.