Pacifico Renewables Yield AG signed a 35 million debut secured green loan private placement with UBS Asset Management. The fixed interest rate of the green debt instrument equals 4.85% and the tenor of the financing is five years from signing with a bullet repayment. Roughly 26 million of the loan will be used to refinance existing debt, thereby optimizing the Group's capital structure.
Approximately 9.3 million thereof will be used to refinance an existing subordinated debt facility with an interest rate approximately 1% higher than the new financing. Further 16.5 million will be used to refinance the Group's existing revolving credit facility, thereby replacing a short-term facility with a longer term loan facility. The remainder of the net proceeds will be used to finance the further build-out of the Group's existing portfolio and new acquisitions.