Bluefield Solar Income Fund confirms new debt facility

27th Sep 2016 11:23

(ShareCast News) - Bluefield Solar Income Fund announced the financial close of a £187m long-term debt facility and a £30m short-term revolving credit facility on Tuesday.The AIM-traded firm said the facilities will fully refinance the short-term £200m amended and restated facility agreement with the Royal Bank of Scotland plc and Investec Bank, which closed on 22 January. "The Long-Term Facility will be provided by Aviva Investors in two tranches," Bluefield's board said."The first is a £125m fixed-rate long-term facility and second is £62m index-linked long-term facility."Bluefield said both are fully amortising over 18 years, which matches the average remaining life of the company's regulated revenues."The long-term facility is held by the company's wholly-owned subsidiary, Bluefield SIF Investments, which maximises transparency, offers improved portfolio management flexibility and reduces costs compared to using project-level debt."