3i Infrastructure Regulatory News (3IN)

29 Jan 2008 07:01

3i Infrastructure Ltd29 January 2008 29 January 2008 Interim Management Statement 3i Infrastructure Limited ("3i Infrastructure" or "the Company") is aninvestment company focussing on infrastructure investment opportunitiesglobally. This Interim Management Statement is issued in accordance with FSADisclosure and Transparency Rule 4.3. This statement relates to the period from30 September 2007 to 31 December 2007. Peter Sedgwick, Chairman of 3i Infrastructure, said: "3i Infrastructurecontinues to make good progress towards achieving the return objectives set outat its IPO. The assets in the Company's portfolio are generating returns in linewith expectations and the Board is encouraged by the flow of investmentopportunities presented by the Investment Adviser." Michael Queen, Infrastructure Managing Partner of 3i Investments plc, InvestmentAdviser to 3i Infrastructure, added: "In current volatile markets,infrastructure's defensive characteristics make it a particularly attractiveasset class. While the availability of credit continues to tighten across manysectors, infrastructure assets remain relatively attractive to debt providersdue to their stable return profile. We are continuing to identify high qualityinvestment opportunities that can deliver 3i Infrastructure's statedobjectives." 1. Investment activity 3i Infrastructure invested £442 million in the period from incorporation on 16January 2007 to 31 December 2007, of which £30 million has been invested since30 September 2007. Investment since 30 September 2007 relates mainly to theUS$51 million (£25 million) draw-down of commitments to the 3i IndiaInfrastructure Fund in November 2007 to fund its investment in Soma EnterpriseLimited ("Soma"). Soma is a leading player in the infrastructure constructionindustry, specialising in multi-disciplinary engineering, procurement andconstruction contracts and increasingly on developing build-operate-transferprojects. A further £5 million of investment has been made into InfrastructureInvestors LP (I2), a leading investor in secondary PFI projects in the UK andcontinental Europe, to fund the acquisition of two projects. As set out in 3i Infrastructure's Prospectus, the Company was granted an optionby 3i Group plc ("3i Group") to acquire all of 3i Group's limited partnershipinterests in the Alma Mater fund, active in the design, construction, financingand operation of university accommodation facilities in the UK. On 31 December,the Company elected to exercise the option. An independent valuation of 3iGroup's interest in the Alma Mater fund is currently being performed. Once thevalue has been determined the Company will have the right to withdraw theexercise of its election. 2. Returns 3i Infrastructure is making good progress towards achieving the returnobjectives set out at its IPO, building on the Interim results announced on 22November 2007. The assets in the Company's portfolio have continued to performin line with expectations. 3. 3i India Infrastructure Fund 3i Group announced the first close of the 3i India Infrastructure Fund ("theFund"), at US$500 million in September 2007, with 3i Group and 3i Infrastructurehaving committed US$250 million each at that time. On 24 January 2008, 3i Groupstated in its Interim Management Statement that it expects to announce a finalclose of the Fund by the end of March 2008 and that the target size of the Fundis US$1 billion. Of 3i Infrastructure's US$250 million commitment, US$165million had been drawn down at 31 December 2007 to fund investments by the Fundin Adani Power Private Limited and Soma. As new investors are admitted into the Fund before or at the final close, partof the amounts drawn down from 3i Infrastructure will be returned to the Companyin order to apportion the Fund's investments proportionately between allinvestors, based on each investor's commitment to the Fund. Any such amountsreturned to 3i Infrastructure will remain committed to the Fund, available fordraw-down as and when new investments are to be made by the Fund. - ends - For further information, please contact: Michael Queen, Managing Partner, Infrastructure, 3i Investments plc Tel: 020 7975 3572Stephen Halliwell, CFO, Infrastructure, 3i Investments plc Tel: 020 7975 3263Silvia Santoro, investor enquiries Tel: 020 7975 3258Jennifer Letki, press enquiries Tel: 020 7975 3190Lydia Pretzlik, The Maitland Consultancy Tel: 020 7379 5151 Notes to editors 3i Infrastructure is a Jersey-incorporated, closed-ended investment company thatinvests in infrastructure businesses and assets and is regulated by the JerseyFinancial Services Commission. The Company listed on the London Stock Exchangeon 13 March 2007, raising £703 million in an initial public offering and is aconstituent of the FTSE 250 index. 3i Investments plc, a wholly-owned subsidiary of 3i Group plc, which isregulated in the UK by the Financial Services Authority, acts as InvestmentAdviser to 3i Infrastructure. This press release is not for distribution (directly or indirectly) in or to theUnited States, Canada, Australia or Japan and is not an offer of securities forsale in or into the United States, Canada, Australia or Japan. Securities maynot be offered or sold in the United States absent registration under the U.S.Securities Act of 1933, as amended (the "Securities Act"), or an exemption fromregistration under the Securities Act. Any public offering to be made in theUnited States will be made by means of a prospectus that may be obtained fromthe issuer or selling security holder and will contain detailed informationabout 3i Group plc, 3i Infrastructure Limited, 3i India Infrastructure Fund andmanagement, as applicable, as well as financial statements. No public offeringin the United States is currently contemplated. This statement aims to give an indication of material events and transactionsthat have taken place during the period from 30 September 2007 to 31 December2007 and their impact on the financial position of 3i Infrastructure Limited.These indications reflect the Board's current view. They are subject to a numberof risks and uncertainties and could change. Factors which could cause orcontribute to such differences include, but are not limited to, general economicand market conditions and specific factors affecting the financial prospects orperformance of individual investments within the portfolio of 3i InfrastructureLimited. This information is provided by RNS The company news service from the London Stock Exchange