John Laing Infrastructure Fund Limited has entered into a five year£180m Revolving Credit Facility with Royal Bank of
Scotland, HSBC , ING Bank and Commonwealth Bank of Australia. This facility replaces the existing £150m facility with RBS, Lloyds and ING, with no cancellation fees payable.
The margin on the new facility is 1.75% over LIBOR making both the margin and associated commitment fees significantly lower than on the previous facility (previous margin of 2.30-2.75%, depending on the LTV ratio). The new facility includes an additional £100m accordion capability, on which no fees are payable until utilised, providing JLIF the flexibility to target
larger transactions should they become available. In keeping with JLIF’s stated strategy, the facility is intended to be used primarily to fund acquisitions and would be repaid through equity issuance. Under its investment policy, JLIF has the ability to raise debt of up to 25% of its total assets, though it should be noted that this debt facility is intended to be additional resource and not structural financing.
JLIF : John Laing Infrastructure funding facility