In QuotedData’s morning briefing 23 June 2025:
- International Public Partnerships (INPP) has released a portfolio update covering the period from 1 January to 23 June 2025. During the period, INPP agreed to sell senior debt interests across parts of its UK education portfolio for £49m. This follows a previous agreement in March to sell minority equity stakes in seven UK education assets for £8m. Both transactions are in line with or ahead of book value. The company has now realised around £317m across the past 30 months, or approximately 12% of the portfolio. Share buybacks continue, with £76.7m repurchased to date. The board has reaffirmed its intention to return up to £200m to shareholders by March 2026. On the investment side, INPP deployed £5.9m in follow-on commitments, including into transport, education, and digital infrastructure projects, with a further £7m expected over the next 15 months. Operationally, the portfolio remains resilient. Key updates include Tideway reaching full tunnel connectivity and entering commissioning, and Cadent awaiting Ofgem’s draft determination for its next price control. A recent cable fault at Beatrice OFTO is expected to be immaterial, with costs covered by insurance. The company also confirmed its new fee structure will take effect from 1 July 2025, expected to reduce management fees by 10% annually. Target dividends of 8.58p and 8.79p for 2025 and 2026 remain on track, with quarterly payments commencing this September.
- Tritax Big Box REIT (BBOX) has entered into a new £400m unsecured revolving credit facility (RCF) with a syndicate of its existing banks and new lenders. The new RCF is available for general corporate purposes and is being used to refinance the company’s existing £300m RCF due to mature in June 2026, as well as to support the company’s investment and development activities. With an initial five-year term (that may be extended to a maximum of seven years subject to lender consent) the new RCF also contains an uncommitted £200m accordion option. It has the same margin ratchet as the existing RCF, with an opening margin of 110bps (basis points, equivalent to 1.1%), but with a margin reduction should the company benefit from a potential future credit rating upgrade to A3 or higher by Moody’s (or equivalent from S&P or Fitch). The syndicate for the new RCF comprises ABN AMRO, Bank of America, Bank of China, London Branch, Barclays, BBVA, BNP Paribas, CaixaBank S.A. (UK Branch), JPMorgan Chase, Santander, SMBC BI, and The Royal Bank of Scotland International. Alongside the new RCF, BBOX has also refinanced its existing £150m bilateral facilities with Barclays with a new bilateral term loan, again with Barclays. The term loan has a maturity of October 2027 and may be extended by up to a further three years subject to lender consent. The term loan incorporates a sustainability-linked margin adjustment. It also benefits from the same margin reduction mechanism as the new RCF if the company benefits from a potential future credit rating upgrade.
We also have:
Stories you may have missed from Friday:
