Last checked at 
12 Nov 2018 12:15
SUCCESSFUL REFINANCING OF DURHAM SCHOOLS PORTFOLIO
12 November 2018
International Public Partnerships Limited, the listed infrastructure investment company ('the Company', 'INPP') has successfully completed a refinancing of the senior debt in the Durham Building Schools for the Future programme (the 'Durham BSF') in conjunction with Aviva Investors.
Following completion of its construction in 2012, Durham BSF accommodates over 2,000 pupils across three schools in the area.
By maintaining highly competitive terms from commercial lenders, the refinancing has allowed Durham BSF and the Company to take advantage of the improved lending margins in the current debt market for high-quality projects such as Durham BSF, delivering a significant financial benefit to Durham County Council (the 'Council'). The gain on the refinancing was shared in accordance with the Company's contract with the Council enabling the Council to achieve significant value for money from the project.
The refinancing took place in conjunction with successfully transitioning the schools' facilities management contractors to new providers, following the collapse of Carillion plc in January 2018. In doing so, INPP's Investment Adviser maintained full asset availability at Durham BSF so that the Council and the schools' staff and students suffered no disruption.
Rupert Dorey, Chairman of International Public Partnerships, said: "As a responsible, long-term investor in UK public infrastructure, we actively seek opportunities under our contracts to share savings with our public-sector clients that become available from improved financing terms. It is this alignment of interests and our accountability to a project's end-user that helps us maintain our strong relationships with the procuring local authorities and deliver value for money throughout an asset's life."
The refinancing is one of a series across the Company's portfolio that is being conducted to deliver savings to the projects and the Local Authorities which commission the public services each project provides. To date, a total of five projects have been refinanced in conjunction with Aviva Investors and Amber Infrastructure, with further refinancings planned.
ENDS.
For further information:
Erica Sibree/Amy Joslin +44 (0)20 7939 0558/0587
Amber Fund Management Limited
Hugh Jonathan +44 (0)20 7260 1263
Numis Securities
Ed Berry/Mitch Barltrop +44 (0) 20 3727 1046/1039FTI Consulting
About International Public Partnerships (INPP):
International Public Partnerships ('INPP') is a listed infrastructure investment company which invests in global public infrastructure projects and businesses.
Listed in 2006, INPP is a long-term investor in 130 infrastructure projects and businesses, including schools, hospitals, courts, police headquarters, transport and utility and transmission projects in the UK, Europe, Australia and North America. INPP seeks to provide its shareholders with both a long-term yield and capital growth through investment across both construction and operational phases typically of 25-40 year concessions.
Amber Infrastructure Group ('Amber') is the Investment Adviser to INPP and consists over 120 dedicated staff who manage, advise on and originate investments for INPP.
Visit the INPP website at www.internationalpublicpartnerships.com for more information.