The Board of HICL announce that the Company has successfully renegotiated its revolving credit facility ("RCF") used to support the acquisition of new investments. The new RCF is a £400 million multi-currency facility. The facility's consortium of lenders comprises Barclays, Canadian Imperial Bank of Commerce ("CIBC"), ING, Lloyds, National Australia Bank, Royal Bank of Canada, Royal Bank of Scotland International and Sumitomo Mitsui Banking Corporation.
Barclays, CIBC and Royal Bank of Canada have joined the banking group. ING served as the Sustainability Coordinator. The RCF remains on the same terms as previously.
It is a Sustainability Linked Loan, incorporating defined sustainability targets where HICL incurs a premium or reduction to the interest charged on the RCF based on performance against Environmental, Social and Governance KPIs. Performance against these targets is measured annually, with the cost of the RCF adjusted for the following year. Overall, the margin on the RCF can vary between 162bps and 168bps over SONIA.
The new expiry date is 30 June 2024.