GCP Infrastructure eyes buybacks after clearing debt facility
(Alliance News) - GCP Infrastructure Investments Ltd on Wednesday said it has cleared its own revolving credit facility after one of its borrowers completed the sale of an anaerobic digestion project in Northern Ireland for proceeds of GBP3 million.
The closed-ended investment company advised by Gravis Capital Management Ltd provides exposure to UK infrastructure debt.
It said all proceeds from the sale by its borrower have been used to prepay the debt balance owed to GCP Infrastructure Investments.
The disposal value is in line with the valuation of the project, included in GCP Infrastructure Investments' net asset value at the end of March.
Following completion of the solar debt financing, GCP Infrastructure Investments said it has fully repaid the outstanding balance of its revolving credit facility.
The commitment available under the facility remains available to be drawn for the management of its working capital.
"Any excess cash balance will continue to be applied in accordance with the framework that the company has set out for use of cash. At the prevailing discount at which the company's ordinary shares trade to the company's net asset value per ordinary share, such excess cash balance will be used to continue the company's share buyback programme," GCP Infrastructure Investments said.
Shares in GCP Infrastructure Investments closed up 0.9% at 83.15 pence on Wednesday in London.
By Michael Hennessey, Alliance News reporter
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