Octopus Renewables revolver increases to £270.8 million with accordion

By Mary-Katherine Stinson

Lexington, Ky., Feb. 27 – Octopus Renewables Infrastructure Trust plc increased the total commitments of its multicurrency revolving credit facility to £270.8 million with financing from four lenders, according to a notice.

National Australia Bank, NatWest, Santander and Allied Irish Banks provided the additional commitments.

The increased revolver has a three-year term expiring Feb. 24, 2026 and can be drawn in dollars, sterling, euros or Australian dollars.

It has an uncommitted accordion feature to allow an increase up to a further £150 million.

The facility has an interest rate of 200 basis points above Sonia or equivalent reference rate for other currencies, a reduction from the previous facility’s margin of 230 bps.

The facility was previously £150 million.

As of Feb. 24, the company had drawn £88.2 million.

The company expects to use the proceeds to fund existing construction commitments, to repay short-term facilities within the group and for future acquisitions of new renewable energy assets.

Octopus is a London investment company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.