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BRIEF-Spark Infrastructure Group updates on investment in TransGrid

Published 25/11/2015, 10:34 am
© Reuters.  BRIEF-Spark Infrastructure Group updates on investment in TransGrid
SKI
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Nov 25 (Reuters) - Spark Infrastructure Group SKI.AX :

* Equity investment in transgrid & pro-rata entitlement offer

* Spark Infrastructure to make $734.3 million equity investment representing 15.01% ownership interest

* Investment is forecast to be standalone operating cashflow (SOCF) per security accretive

* Says 12.0 cents per security guidance re-confirmed for FY 2015

* NSW electricity networks consortium which includes Spark Infrastructure to acquire 99 year lease of assets of TransGrid for $10.258 billion, plus transaction costs of $0.134 billion

* Investment value accretive with a long term future

* Says at least 12.5 CPS, 13.0 CPS and 13.5 CPS guidance confirmed for FY 2016, FY 2017 and FY 2018 respectively

* Will fund acquisition through combination of committed debt facilities of $205.0 million

* Will fund acquisition through 5 for 34 pro-rata entitlement offer of new stapled securities in Spark to raise $405.4 million of new capital

* Source text for Eikon ID:nASX95fpF4

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