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LONDON (Alliance News) - HarbourVest Global Private Equity Ltd on Friday said it has agreed a new credit facility worth USD600 million.
The facility has been agreed with Credit Suisse AG in London and Mitsubishi TFJ Trust Banking Corp in New York, with each providing USD300 million.
Credit Suisse has already acted as a lender to HarbourVest since 2015, while this is Mitsubishi's first loan.
HarbourVest will pay a commitment fee on the undrawn facility at a rate of 95 basis points, down from 115 basis points before.
The LIBOR margin has been cut to 250 basis points under borrowings of USD300 million, and HarbourVest will pay 290 basis points on borrowings above that level.
Before, HarbourVest paid a LIBOR margin of 275 basis points under USD250 million and 305 basis points above that.
Chairman Michael Bunbury commented: "I am very pleased HarbourVest is able to announce the details of the new 'evergreen' credit facility to be provided jointly by Credit Suisse and Mitsubishi.
"The facility is committed initially through to January 2026."
"HarbourVest aims to run a prudent balance sheet with sufficient leeway to ensure stability throughout the economic cycle," Bunbury continued.
"The extended facility provides support, in the event of more difficult times ahead, to enable the company to continue its strategy of optimising long-term investment performance without concerns about possible short-term cash flow uncertainties."
Shares were down 0.1% on Friday at a price of 1,362.66 pence each.
