StockMarketWire.com - BBGI SICAV has secured a new three year revolving credit facility of £80m from ING Bank and KfW IPEX-Bank.

BBGI retains the flexibility to consider larger transactions by virtue of having structured a further £100m incremental accordion tranche, for which no commitment fees are paid, which allows it to increase the facility to £180m, at BBGI's option.

This facility replaces a £35m facility with Royal Bank of Scotland, National Australia Bank and KfW, which was due to expire in July. The facility 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.

The term of the facility is three years, expiring in January 2018. The borrowing margin has decreased from 225 bps under the old facility to 185 bps over LIBOR under the new facility.


At 9:07am: [LON:BBGI] Bilfinger Berger Global Infrastructure share price was -0.5p at 125.5p



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