HarbourVest Global Private Equity (HVPE), has announced that it has renewed its existing $500m multi-currency credit facility with Lloyds Bank plc and Credit Suisse AG. HVPE says that Lloyds Bank has maintained its $300m commitment, with Credit Suisse AG continuing to commit $200m. The Facility, which retains similar covenants, has been extended to December 2020.
HVPE says that the commitment fee on the undrawn Facility has increased from 0.9% to 1.15% and that the LIBOR margin applicable to the Facility is 3% for borrowings of less than $250m; a further 0.3% will be payable on the total sum drawn if borrowings exceed $250m. This compares with a LIBOR margin of 2.65% on the previous terms, which increased at two additional thresholds to 3.15% basis points and 3.5% basis points on borrowings greater than $150m and $300m respectively.
HVPE says that it moved to a net cash position in August 2014, has had no requirement for the use of borrowed funds in the intervening period and, as at 6 January 2017, the Facility remains undrawn.
About HarbourVest Global Private Equity
Harbourvest Global Private Equity seeks to achieve top-quartile performance over a multi-year investment cycle through a mixture of direct and fund investments in private equity.
HarbourVest Global Private Equity renews credit facility : HVPE