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133.60 0.60 (0.45%)

Bid:

133.20

Ask:

133.40

Spread: 0.20 (0.15%)

Market Cap: £2.50b

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HICL Infrastructure Increases And Extends Credit Facility

Mon, 31st Mar 2014 12:19

LONDON (Alliance News) - HICL Infrastructure Company Ltd Monday said its revolving credit facility has been increased by GBP50.0 million and extended by over a year, boosted by two additional lenders.

New lenders Lloyds Banking Group PLC and Sumitomo Mitsui Banking Corp have joined the deal, with the facility increased to GBP150.0 million and extended to May 2016. The margin has been reduced to 2.20%, according to HICL.

The infrastructure company said the extension means it will be able to confirm sufficient working capital for the financial years ending March 31, 2014 and March 31, 2015 prior to needing to refinance.

"With the growth of the company's investment portfolio and the size of the potential acquisitions coming to the market, the new facility fulfils multiple objectives: an increased amount, two additional lenders, a more appropriate refinancing date and an improvement in the terms," Keith Pickard said in a statement.

Pickard is the infrastructure director at InfraRed Capital Partners Ltd, the company's investment adviser.

The existing GBP100 million facility, provided by Royal Bank of Scotland Group PLC and National Australia Bank had been due to expire in February 2015.

HICL shares were Monday quoted at 136.20 pence, up 0.4%.

By Samuel Agini; samagini@alliancenews.com; @samuelagini