(Sharecast News) - Infrastructure investor HICL Infrastructure said on Friday that it had successfully activated a £330.0m accordion within its revolving credit facility, increasing its overall short-term credit facilities to £730.0m.
HICL stated the accordion was a one-year facility, expiring on 28 July 2023, and said the increased overall funding capacity will be used to support its immediate pipeline of acquisition opportunities.
The FTSE 250-listed outfit added that the accordion was priced on the same terms as its existing RCF and was a sustainability-linked loan, incorporating defined sustainability targets where HICL incurs a premium or reduction to the interest charged on the drawings based on performance against environmental, social and governance KPIs.
As a result, the margin on the accordion will vary between 162 and 168 basis points over the sterling overnight index average.
Chairman Mike Bane said: "HICL has a strong and highly attractive pipeline of high-quality core infrastructure opportunities sourced by InfraRed, our investment manager. This accordion provides important additional liquidity for the Company to progress its acquisition strategy."
Reporting by Iain Gilbert at Sharecast.com
HICL Infrastructure (HICL)