Last checked at 
LONDON (Alliance News) - APR Energy PLC Monday said it has closed and funded a new USD770.0 million syndicated credit facility, made up of a USD450.0 million revolving credit facility and a USD320.0 million term loan, in a move to replace the group's existing USD400.0 million revolving credit facility and USD250.0 million term loan.
In a statement, the temporary power station firm said the new five-year facility provides it with financing through August 2019, expands available funding by USD120.0 million, and provides "significantly improved" covenant flexibility.
The new facility also contains an accordion feature that allows the total facility to expand further, up to USD1.0 billion, subject to the group obtaining additional funding commitments and complying with leverage covenants.
The facility is underwritten by a syndicate led by Bank of America Merrill Lynch and HSBC Holdings PLC.
"We are very pleased to have secured this new, expanded facility, which strengthens our financial position, gives us liquidity to manage through our business cycle and provides us the incremental capacity needed to effectively execute our growth strategy," Chief Executive John Campion said in a statement.
"We appreciate the strong support we continue to receive from all our lender partners, including our lead underwriters, Bank of America Merrill Lynch and HSBC, as well as Barclays, JP Morgan and a number of global partner banks. These represent some of the largest and most-respected financial institutions in the world, and the size and terms of the new facility they have provided us reflect their full confidence in the group's business model and our prospects for growth," Campion added.
APR shares were Monday quoted up 4.0% at 563.50 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
