Keppel Infrastructure Trust (KIT) A7RU has announced a special distribution of 2.33 cents per unit, bringing the total 9MFY2023 distribution per unit (DPU) to 5.23 cents per unit, up 82.5% compared to 2.865 cents for the same period last year.
Supported by portfolio growth, distributable income was up 93.2% y-o-y to $266.1 million.
The trust delivered $273 million in capital optimisation from Ixom and City Energy, driven by higher ebitda and business growth achieved over time. Of this, $142 million or 52% were utilised to partially fund FY2022 acquisitions while the remaining $131 million (48%) are to be paid out as special distribution.
As at end-September 2023, KIT has repaid and completed refinancing of all its loans due in 2023. The trustee-manager received strong interest in the Ixom refinancing exercise, securing an upsize in facilities to A$1 billion at competitive rates to support KIT and Ixom’s growth.
City Energy has also secured a $400m sustainability-linked loan. The capital optimisation of $273 million at Ixom and City Energy are supported by higher valuations on strong asset performance and growth achieved over time.
The trust’s net gearing stood at a healthy 36.8% level as at September, which provides approximately $825 million in debt headroom to support KIT’s growth ambitions — up to a 45% net gearing level.
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To mitigate against rising interest rates, approximately 78.8% of KIT’s total loans are fixed and hedged as at 30 September 2023.
Units in KIT closed 0.5 cents higher or 1.14% up on Nov 2 at 44 cents.
