HICL Infrastructure extends revolving credit facility

31st Mar 2014 08:03

HICL Infrastructure Company has extended its revolving credit facility which includes two new lenders.The existing £100m credit facility, jointly provided by Royal Bank of Scotland and National Australia Bank and due to expire in February 2015, has been increased to £150m and its term extended to May 2016 with the margin reduced to 2.20%. The new lenders are Lloyds Bank and Sumitomo Mitsui Banking Corporation.The facility will be used to boost working capital for the financial years ended March 31st 2014 and March 31st 2015 prior to needing to refinance. "With the growth of the company's investment portfolio and the size of the potential acquisitions coming to the market, the new facility fulfils multiple objectives: an increased amount, two additional lenders, a more appropriate refinancing date and an improvement in the terms," said Keith Pickard, the company's Investment Advisor.Shares rose by 0.29% to 136.10p at 08:13 on Monday.RD