HarbourVest Global Private Equity has announced the successful renewal of its multi-currency credit facility with Lloyds Bank plc. HVPE has refinanced the facility, which will increase from $300 million to $500 million with
immediate effect. The increased commitment has been provided by a new lender, Credit Suisse AG, which has committed $200 million alongside the existing $300 million from Lloyds Bank plc. The new facility, which
contains covenants similar to those of the existing facility, has been extended to September 2019. Lloyds Bank plc will act as agent.
The LIBOR margin applicable to the new facility is 265 basis points for borrowings of less than $150 million. In addition, a further 50 basis points will be payable on the total sum drawn if borrowings exceed $150 million, together with a further 35 basis points on the total sum drawn if borrowings should be greater than $300 million. This compares with a LIBOR margin of 290 basis points on the existing facility, to which additional margin was applicable at lower borrowing thresholds.
HVPE : HarbourVest extends credit facility by $200m