(Alliance News) - HICL Infrastructure PLC on Monday said it has renegotiated its revolving credit facility used to support its acquisition of new investments.
The London-based investment firm said the new RCF is a GBP650 million facility, running to June 30 2026, with an option for a two-year extension. The company said the facility's lenders remain unchanged.
It had previously negotiated a GBP400 million RCF in April 2022.
The company said the facility remains on the same margin of 165 basis points over the Sterling Overnight Index Average interest rate benchmark. HICL said the margin can vary between 162bps and 168bps over SONIA.
The facility is a sustainability linked loan, with defined sustainability targets incorporated into it. Premiums will be incurred or reductions made to interest charges, depending on the company's annual performance against the environmental, social and governance key performance indicators.
HICL noted that it had net debt at March 17 of GBP170 million, comprising cash of GBP49 million, and drawings on the RCF of 219 million.
HICL shares rose 0.6% to 156.20 pence each in London on Monday morning.
By Harvey Dorset, Alliance News reporter
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HICL Infrastructure (HICL)