Hannon Armstrong closes $450 million of new revolving facilities

By Wendy Van Sickle

Columbus, Ohio, Dec. 17 – Hannon Armstrong Sustainable Infrastructure Capital, Inc. closed two new senior secured revolving credit facilities for $450 million in new borrowing capacity with certain of its subsidiaries as borrowers and Bank of America, NA as administrative agent on Thursday, according to a news release.

The credit facilities comprise two loan agreements, a $250 million representation-based loan agreement and a $200 million approval-based loan agreement, each of which matures on July 19, 2023.

The representation-based revolver will bear interest at Libor plus 140 basis points or 185 bps, depending on the type of collateral. Loans under the approval-based revolver will bear interest at Libor plus 150 bps or 200 bps, depending on the type of collateral.

The subsidiary borrowers repaid in full $253 million of borrowings under the existing credit facilities using the proceeds from the new facility.

“As part of our long-term financing strategy, these new credit facilities lower the cost and increase the flexibility of our main credit facility while extending the maturity until 2023,” Brendan Herron, chief financial officer, said in the release.

Hannon Armstrong is an Annapolis, Md.-based real estate investment trust.

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