New Credit Facility

RNS Number : 3793W

BBGI SICAV S.A.

14 November 2017

 

BBGI SICAV S.A.

(the "Company")

New Credit Facility

BBGI SICAV S.A. (LSE ticker: BBGI), the global infrastructure investment company, is pleased to announce that the Group has secured a new Revolving Credit Facility ('RCF') of £180 million from ING Bank ('ING') and KfW IPEX-Bank ('KfW'). The RCF will replace the current £180 million facility with ING and KfW, when it expires in January 2018.

The tenor of the RCF will be four years, commencing in January 2018. The borrowing margin will decrease from 185 bps over LIBOR under the current facility to 165 bps over LIBOR under the new RCF. The arrangement fee and the commitment fee will also decrease.

Under the new RCF, BBGI will retain the flexibility to consider larger transactions by virtue of having structured a further £70 million incremental accordion tranche, for which no commitment fees will be paid.

The multi-currency RCF will be used primarily to fund acquisitions and provide letters of credit for investment obligations, and the intention will be to repay the facility from time to time through equity fundraisings.

Duncan Ball, Co-CEO remarked:

"The facility gives BBGI the ability to complete large portfolio transactions or acquisitions from multiple vendors very quickly. We continue to be excited about the growth opportunities available to BBGI over the next four years and this new credit facility will support the continued development of the business."

Frank Schramm, Co-CEO remarked:

"We are pleased to have been able to reduce the borrowing margin by 20 basis points, increase the tenor from three to four years and improve the commercial terms of the facility. We have also contributed to lower costs  by virtue of having structured an additional £70 million incremental accordion tranche for which no standby fees are payable. Both the multi-currency facility and the standby facility allow BBGI to borrow in the currency of the underlying assets or in sterling."

For further information, please contact:

BBGI Management Team        [phone]

Duncan Ball

Frank Schramm

BBGI owns a global portfolio of 43 infrastructure assets. These assets are PPP assets and are supported by contracted, public sector-backed revenue streams, with inflation-protection characteristics.

Further information about BBGI is available on its website at www.bb-gi.com *.

Any reference to the Company or BBGI refers also to its subsidiaries (where applicable).

*Neither the NSM website nor the Company's website nor the content of any website accessible from hyperlinks on those websites (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

 

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