Harmony Energy Income Trust PLC - North Yorkshire-based investment trust focused on UK energy storage assets - Agrees to a GBP60 million debt facility with Edinburgh-based bank and insurance company NatWest Group PLC. The deal is done between NatWest and a subsidiary of Harmony Energy.
The five-year debt facility mainly serves to "to support the acquisition and construction of the company's first pipeline project," which will be in Buckinghamshire, Harmony Energy explained.
"The facility also provides for an uncommitted accordion which could increase the total amount borrowed up to GBP130 million over time," the firm added. A debt accordion allows Harmony Energy to expand the maximum allowed on the credit line with NatWest, or add a term loan to the credit agreement.
Current Harmony Energy stock price: 112.30 pence, down 0.4% on Wednesday
12-month change: up 9.0%
Current NatWest stock price: 228.70 pence, up 3.3% on Wednesday
12-month change: up 12%
By Tom Budszus; tombudszus@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
Natwest (NWG)
Harmony Energy (HEIT)
