3i Infrastructure on track to pay higher full-year dividend

(Sharecast News) - 3i Infrastructure updated the market on its performance on Friday, as it entered the close period for the half-year ending 30 September, highlighting its commitment to invest €220m in Tampnet AS during the period to 27 September.The FTSE 250 company also completed and subsequently syndicated half of its initial investment in Attero, retaining a €100m investment in the business.Existing commitments of €45m were funded, including Valorem's development pipeline, and the La Santé prison in France and A9 motorway in the Netherlands which were moving towards operational status.The board said the portfolio overall had continued to perform "well", particularly Cross London Trains where all 115 trains were now operational on the rail network.Cross London Trains is a business established to purchase new rolling stock for the Thameslink route, and lease it to the operator, currently Govia Thameslink Railway."I am delighted with the company's progress in the first half of the year," said chairman Richard Laing."We remain on track to deliver a full year dividend of 8.65p per share, 10% higher than last year."Total income and non-income cash was £132m in the period.3i Infrastructure said it remained on track to deliver its full-year dividend target of 8.65p per share, which would be fully covered.The firm's cash balance was £126m on 27 September, and the undrawn balance of its revolving credit facility was £283m.Following approval of a resolution at an extraordinary general meeting on 17 September, 3i Infrastructure confirmed it would move its management and tax domicile to the UK from 1 October, subject to the receipt of regulatory approvals."We are very pleased to have secured the investment in Tampnet, which further diversifies the portfolio," said Phil White, managing partner and head of infrastructure at the company's investment adviser, 3i Investments."The move into operation of our award-winning train fleet at Cross London Trains materially reduces risk in this investment."