GCP Infrastructure Investments buys GBP16.5m of loan notes

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GCP Infrastructure Investments buys GBP16.5m of loan notes

GCP Infrastructure Investments Ltd, a closed-ended investment company focused on subordinated debt, has announced the completion of a transaction subscribing for loan notes with a term of c.24 years and an aggregate value of £16.5 million (US$27.8 million).

The notes will be issued by GCP Education 1 Ltd, a single purpose company. The proceeds from the issue of the notes will be used to acquire the cash flows result from a subordinated debt interest in a school public-private partnership (PPP).

The firm reported in a statement:

All payments of both principal and interest in relation to the notes are expected to be serviced from subordinated debt interest and principal payments payable under the project.

Following the acquisition of the notes GCP Infrastructure Investments has deployed about 64% of the £80 million it raised in a placing and open offer in March.

After the loan notes transaction, the value of investments of the company will exceed 90% of the net asset value of the company.

GCP invests in two key sectors:
  • Social infrastructure assets are typically procured by government to provide services to the general public, and would include hospitals, schools, prisons, court buildings and other such facilities.
  • Economic infrastructure assets are assets to support the economic development of a society, and would include roads, railways, ports, power generation and transmission, water distribution and waste treatment.

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