1st Feb 2022 10:46
(Alliance News) - 3i Infrastructure PLC on Tuesday said its portfolio performed well in its third quarter and reported that total income and non-income cash are in line with expectations.
The Jersey, England-based investment company stated that it made new investment commitments of around GBP850 million in the quarter ended December 31.
It also completed the sale of its 45% stake in four European liquid storage terminals in the period.
The proceeds totalled EUR55 million, after debt repayment. The investment company added that it kept its 45% stake in the tank storage logistics company Oiltanking Singapore Ltd, however.
3i Infrastructure said its portfolio was continuing to perform "well" against expectations set in September.
It stated that its total income and non-income cash were in line with expectations at GBP26 million.
The investment company is also on track to meet its dividend target of 10.45 pence per share. This would represent an increase of 6.6% from 9.8p the year before.
3i Infrastructure also increased its revolving credit facility by GBP200 million to GBP600 million.
Additionally, it obtained a further one-year credit facility of GBP400 million from existing lenders.
This led to the firm's total credit facilities now amounting to GBP1 billion.
As of December 31, its cash balance was GBP86 million, with drawings of GBP70 million under the revolving credit facility. This cash balance was reduced again by a GBP47 million payment of the interim dividend in January.
Finally, 3i Infrastructure said that it rolled the outstanding balance on the vendor loan note due from the sale of its 93% stake in Wireless Infrastructure Group in 2019.
The investment firm has received GBP12 million of accrued interest in December, leaving GBP98 million of deferred proceeds due in December 2023 and callable on 6 weeks' notice.
Shares in 3i Infrastructure were up 0.1% at 346.45 pence each on Tuesday morning in London.
By Abby Amoakuh; [email protected]
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