3i Infrastructure Regulatory News (3IN)

1 Apr 2008 07:01

3i Infrastructure Ltd01 April 2008 1 April 2008 3i Infrastructure Limited - Pre-close period briefing 3i Infrastructure Limited ("3i Infrastructure", or "the Company"), an investmentcompany focusing on infrastructure investment opportunities globally, todayprovides a pre-close period update ahead of its results for the extended periodfrom 16 January 2007 to 31 March 2008. Peter Sedgwick, Chairman of 3i Infrastructure, said: "3i Infrastructure is nowfirmly on track towards achieving the targets set out at its IPO. The assets inthe Company's portfolio are generating returns in line with expectations and theBoard is encouraged by the quality of the investment opportunities presented bythe Investment Adviser." Michael Queen, Managing Partner for Infrastructure, 3i Investments plc, added: "3i Infrastructure is on target towards fully investing its IPO proceeds withintwo years of admission to listing. The Investment Advisory team remains focusedon high-quality assets and those that offer resilience in difficult marketconditions." 1. Investments 3i Infrastructure has invested a total of £444 million in the period to 31 March2008. Including undrawn commitments, the Company has now invested or committed£613 million, representing 88% of the net proceeds raised at IPO. Investment activity since 29 January 2008, the date of the Company's most recentInterim Management Statement, relates to the following investments: Novera Energy plc: On 18 February 2008, 3i Infrastructure confirmed that it hadapproached the board of Novera Energy plc ("Novera"), an established UK-focusedrenewable energy company which generates electricity from wind, waste andlandfill gas, and that it was considering (through Harrier Acquisitions Limited,a newly-incorporated wholly-owned subsidiary) a possible cash offer for theentire issued and to be issued share capital of Novera at a price of 90 penceper share. A formal offer for Novera has not been made by the Company. On 18February 2008, 3i Infrastructure purchased 12.4 million Novera shares, a 10.0%holding, at a price of 90 pence per share, for a total consideration of £11.2million. Alma Mater Fund: As set out in 3i Infrastructure's Prospectus, the Company wasgranted an option by 3i Group plc ("3i Group") to acquire all of 3i Group'slimited partnership interest in the Alma Mater Fund, which is active in thedesign, construction, financing and operation of university accommodationfacilities in the UK. On 31 March 2008, the Company acquired this limitedpartnership interest at a price of £25.0 million, following an independentvaluation performed by KPMG LLP. Infrastructure Investors LP ("I2"): A further £8.7 million of investment hasbeen made into I2, a leading investor in secondary PFI projects. 3i India Infrastructure Fund: On 27 March 2008, 3i Group announced thatfundraising for the 3i India Infrastructure Fund ("the Fund"), to which theCompany has committed an amount of US$250 million, had exceeded its US$1.0billion target. As new investors have been admitted into the Fund, part of theamount drawn down from 3i Infrastructure was returned to the Company in order toapportion the Fund's investments proportionately between all investors, based oneach investor's commitment to the Fund. The amount returned, which totalledUS$89.7 million (£45 million) at 31 March 2008, will remain committed to theFund and available for draw down as and when new investments are to be made bythe Fund. Additional amounts may be returned to the Company as and when newinvestors commit to the Fund before or at its final close. 2. Returns The assets in 3i Infrastructure's portfolio are continuing to perform in linewith the Company's return objectives. An important element in the determinationof the results for the period to 31 March 2008 will be the valuation exercisebeing carried out on the investment portfolio as at that date. 3i Infrastructure will issue results for the extended period from 16 January2007, the date of the Company's incorporation, to 31 March 2008, including thenet asset value as at 31 March 2008, in early June 2008. 3. Raising of debt capital On 28 March 2008 the Company signed a three-year, £225 million revolving creditfacility with a syndicate of four major European banks. This facility will allow3i Infrastructure to continue investing as it approaches the full commitment ofits IPO proceeds. Ends For information please contact: Michael Queen Managing Partner, Infrastructure, 3i Investments plc +44 20 7975 3572 Silvia Santoro Investor Relations +44 20 7975 3258 Jennifer Letki 3i Press Office +44 20 7975 3190 Lydia Pretzlik Maitland +44 20 7379 5151 This statement aims to give an indication of 3i Infrastructure's performance anddevelopment from incorporation to 31 March 2008. These indications reflect theBoard's current view. They are subject to a number of risks and uncertaintiesand could change. In particular, an important element in the determination ofthe Company's results for the period to 31 March 2008 is the detailed valuationexercise being carried out on its investment portfolio as at that date. Thefinal results for the period to 31 March 2008, due to be reported in June 2008,may differ accordingly. Factors which could cause or contribute to suchdifferences include, but are not limited to, general economic and marketconditions and specific factors affecting the financial prospects or performanceof individual investments within 3i Infrastructure's portfolio. This release is not an offer of 3i Infrastructure Limited securities for sale inthe United States and 3i Infrastructure Limited securities may not be offered orsold in the United States absent registration or an exception from registration.Any public offering of 3i Infrastructure Limited securities in the UnitedStates would be made by means of a prospectus that could be obtained from 3iInfrastructure Limited and would contain detailed information about 3iInfrastructure Limited, its management and its financial statements. 3iInfrastructure Limited is not currently making any public offering in the UnitedStates and no such prospectus has been issued. This information is provided by RNS The company news service from the London Stock Exchange