BBGI SICAV S.A. New Credit Facility (3793W)
November 14 2017 - 2:00AM
UK Regulatory
TIDMBBGI
RNS Number : 3793W
BBGI SICAV S.A.
14 November 2017
BBGI SICAV S.A.
(the "Company")
New Credit Facility
BBGI SICAV S.A. (LSE ticker: BBGI), the global infrastructure
investment company, is pleased to announce that the Group has
secured a new Revolving Credit Facility ('RCF') of GBP180 million
from ING Bank ('ING') and KfW IPEX-Bank ('KfW'). The RCF will
replace the current GBP180 million facility with ING and KfW, when
it expires in January 2018.
The tenor of the RCF will be four years, commencing in January
2018. The borrowing margin will decrease from 185 bps over LIBOR
under the current facility to 165 bps over LIBOR under the new RCF.
The arrangement fee and the commitment fee will also decrease.
Under the new RCF, BBGI will retain the flexibility to consider
larger transactions by virtue of having structured a further GBP70
million incremental accordion tranche, for which no commitment fees
will be paid.
The multi-currency RCF will be used primarily to fund
acquisitions and provide letters of credit for investment
obligations, and the intention will be to repay the facility from
time to time through equity fundraisings.
Duncan Ball, Co-CEO remarked:
"The facility gives BBGI the ability to complete large portfolio
transactions or acquisitions from multiple vendors very quickly. We
continue to be excited about the growth opportunities available to
BBGI over the next four years and this new credit facility will
support the continued development of the business."
Frank Schramm, Co-CEO remarked:
"We are pleased to have been able to reduce the borrowing margin
by 20 basis points, increase the tenor from three to four years and
improve the commercial terms of the facility. We have also
contributed to lower costs by virtue of having structured an
additional GBP70 million incremental accordion tranche for which no
standby fees are payable. Both the multi-currency facility and the
standby facility allow BBGI to borrow in the currency of the
underlying assets or in sterling."
For further information, please contact:
BBGI Management Team +352 263 479-1
Duncan Ball
Frank Schramm
BBGI owns a global portfolio of 43 infrastructure assets. These
assets are PPP assets and are supported by contracted, public
sector-backed revenue streams, with inflation-protection
characteristics.
Further information about BBGI is available on its website at
www.bb-gi.com *.
Any reference to the Company or BBGI refers also to its
subsidiaries (where applicable).
*Neither the NSM website nor the Company's website nor the
content of any website accessible from hyperlinks on those websites
(or any other website) is (or is deemed to be) incorporated into,
or forms (or is deemed to form) part of this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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