GCP Asset Backed Income (GABI) has announce it has agreed enterred into a two year £15m revolving credit facility with the Royal Bank of Scotland International Limited. GABI has also announced a £3.1m extension to the £10.8m social infrastructure loan facility announced on 23 December 2016. The revised £13.9m facility, which GABI says will be issued in tranches, is secured on a senior basis against the underlying units and leases and is subject to upward-only principal indexation.
About GCP Asset Backed Income
GCP Asset Backed Income (formerly Project Finance Investments : PROJ) aims to generate attractive risk-adjusted returns that are delivered primarily through regular, growing distributions and modest capital appreciation over the long term. It seeks to achieve this by investing in a portfolio that is comprised primarily of UK project finance debt investments. Project finance is primarily focused on the long term finance of infrastructure and industrial projects. Such projects typically have contracted, predictable medium to long term cash flows and/or physical assets against which financing can be secured. The investments are typically made in a single purpose, ring fenced company that owns the contract or the asset forming the project, therefore the exposure is to the performance of that contract or asset only. The debt financing is typically secured by all of the project assets, including the revenue-generating contracts. Project lenders are given security on all of these assets and the lenders (or the highest ranking lender, if there is more than one) are able to assume control of a project if the project company has difficulties complying with the loan terms.
GCP Asset Backed Income announces £15m revolving credit facility and further investment : GABI