GCP Infrastructure Investments Ltd - Jersey-based investment fund focused on infrastructure - Announces that it entered into a new revolving credit facility on Thursday. The RCF has a three-year term and has been agreed with Lloyds Bank PLC, Mizuho Bank Ltd, Allied Irish Bank and Clydesdale Bank PLC acting as lenders. GCP says it has reduced the total RCF commitments to £150 million from £190 million, in line with the company’s capital policy as outlined in its 2023 annual report. In December, GCP adopted a policy realising around 15% of its portfolio, £150 million, to ‘rebalance sectors and reduce equity exposures, and to apply the funds towards a material reduction in the RCF’, as well as to facilitate the return of at least £50 million to shareholders by the end of calendar 2024.
To refinance the new facility, GCP says it has repaid around £10 million of the RCF and reduced the drawn balance to £96 million. The company has a current net debt position of roughly £72 million, and says that it remains committed to the shareholder returns outlined in its capital allocation policy.
Current stock price: 70.00 pence per share, down 1.4% in London on Tuesday morning.
12-month change: down 27%
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