GCP Infrastructure Investments receives loan payment, eyes disposal
GCP Infrastructure Investments Ltd on Monday reported that it had received payment for a £31.5 million loan and that it still expects a planned disposal to be completed in the next few months.
The closed-ended investment company advised by Gravis Capital Management Ltd provides exposure to UK infrastructure debt.
Its shares rose 0.3% to 82.20 pence on Monday afternoon in London.
GCP Infrastructure had extended a loan secured against a portfolio of operating renewable energy assets in the UK. It said on Monday that the borrower had repaid the £31.5 million outstanding balance in full.
The loan's original maturity date was June 2035, but GCP Infrastructure and the borrower agreed to bring repayment forward.
"The loan was one of the company's lower returning investments, relative to the company's average annualised portfolio interest rate of 8.0%," as of June 30, GCP Infrastructure said.
It plans to use the proceeds in line with its capital allocation policy.
GCP Infrastructure also noted that it still plans to complete a social housing disposal "in the coming months" and that its revolving credit facility remains undrawn.
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