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12 May 2014 07:00
12 May 2014
BBGI SICAV S.A.
BBGI announces the completion of the acquisition of a UK PPP project
BBGI SICAV S.A. ("BBGI" or the "Company") (ticker "BBGI") is pleased to announce that it has completed the acquisition of the equity and loan note interests in Lagan College pursuant to both the Sale and Purchase Agreement with Bilfinger Group, as announced on 15 November 2013, and the Graham Acquisition Agreement, as announced on 04 December 2013. BBGI now owns 100% of the equity and loan note interests in Lagan College.
Lagan College is a long term PPP concession to build a new school and partially refurbish and remodel an existing school building in Northern Ireland. The project has concession period of 26 years commencing 11 March 2011 and ending 21 October 2037. The project will have a 25 year operational term.
BBGI has acquired 70% of the equity interest and subordinated debt in the project from Bilfinger Group pursuant to the sale and purchase agreement. BBGI has acquired the remaining 30% of the equity interest and subordinated debt in the project from Graham Investment Projects Limited pursuant to the Graham Acquisition Agreement.
The acquisition was funded from the Company's existing cash resources following the £145 million capital raise which completed on 11 December 2013.
For further information please contact:
BBGI Management Team +352 2634791
Duncan Ball
Frank Schramm
Maitland +44 (0) 20 7379 5151
Liz Morley
BBGI own a portfolio of 34 infrastructure assets. These projects are PPP / PFI assets and are supported by contracted, public sector-backed revenue streams, with inflation-protection characteristics.
Further information about BBGI is available on its website at www.bb-gi.com.
Any reference to the Company or BBGI refers also to its subsidiaries (where applicable).
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