StockMarketWire.com - HarbourVest Global Private Equity announced Friday a new $600m multi-currency credit facility with lenders Credit Suisse and Mitsubishi.

The lenders would provide an equal commitment of $300m each, the company said.

As compared with the company's previous arrangements, the new facility was increased from US$500m to US$600m on improved terms and with a longer duration.

HVPE agreed to pay a commitment fee to Credit Suisse and Mitsubishi on the undrawn facility at a blended rate of 95 basis points, a decrease from the previous 115 basis points.

The LIBOR margin had also been reduced to 250 basis points for borrowings of less than $300m, with an additional 40 basis points payable on borrowings that exceed this amount, the company added.

This compared favourably to the previous facility, which carried a margin of 275 basis points for borrowings of less than US$250m with a further 30 basis points payable on the entire drawn amount were borrowings to exceed US$250m.

The new credit facility was structured as a five-year 'evergreen' with a two-year initial no-notice provision, giving a guaranteed initial term of seven years.

From January 2021, the lenders would be able to serve notice, but this must be a minimum of five years, the company said.






At 8:36am: [LON:HVPE] Harbourvest Global Private Equity share price was +3p at 1367p



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