Investment firm 3i Infrastructure posted total income and non-income cash of £36m for the first quarter, in line with expectations and up from £22m the previous year.
As of 30 June 2022, the firm’s cash balance was £77m, with drawings of £135m under the RCF.
Subject to approval at the AGM later today, this cash balance will be reduced by payment of the final dividend of £47m on 11 July 2022.
Payment of the final dividend for FY22 of 5.225 pence per share is due to be made next week, and the firm is on track to deliver the FY23 dividend target of 11.15 pence per share, up 6.7 per cent from FY22.
Scott Moseley and Bernardo Sottomayor, Managing Partners and Co-Heads of European Infrastructure, 3i Investments plc, Investment Manager of the Company, commented: “The portfolio continues to perform strongly. We are delighted with the further investment in TCR which is consistent with our preference to invest further in existing portfolio companies.
The extension of the RCF provides appropriate funding coverage of our investment commitments and is consistent with our strategy of maintaining an efficient balance sheet.”
Last month, 3iN announced that it had agreed to acquire the stake in TCR owned by funds managed by DWS for around £334m. This will result in 3iN increasing its holding from around 48 per cent to 96 per cent of the equity in TCR, alongside management.
Completion is subject to certain third party consents and is expected to take place in the final quarter of 2022.