3i Infrastructure (LSE:3IN) reported a strong first quarter of its new financial year, anchored by the completion of the TCR sale on 17 June, which generated proceeds of €1.1 billion, a money multiple of approximately 3.5 times and a gross annual internal rate of return of approximately 19% over the life of the investment.
The proceeds were used to repay the company's revolving credit facility in full, and the £300 million accordion commitment was subsequently cancelled.
At 30 June, the company held £428 million in cash against an undrawn £900 million revolving credit facility, though a final dividend of £62 million is due on 10 July, subject to AGM approval granted the same day.
The pro-forma cash position after the dividend and completion of the approximately €300 million Lefdal Mine Datacenter investment lands at £107 million.
Completion of that Norwegian data centre campus acquisition is expected this summer, with 3i having agreed to acquire a further 23% stake from a minority investor, taking 3i-managed equity to 90% of the business.
Total income and non-income cash for the quarter reached £52 million, described as in line with expectations.
Tampnet, a portfolio company, refinanced its debt facilities in a NOK 5.8 billion package across banks and institutional investors.
"We are on track and excited to complete the new investment in the Lefdal Mine Datacenter campus this summer," said Bernardo Sottomayor, Managing Partner at 3i Investments.
