13th Jun 2014 09:28
LONDON (Alliance News) - Bluefield Solar Income Fund Ltd Friday said it has agreed a GBP50 million, three-year revolving acquisition facility with Royal Bank of Scotland PLC, giving it a flexible source of funding to make additional acquisitions of solar energy assets in the UK.
In a statement, the fund said the facility is secured against its existing assets and the margin over LIBOR is 225 basis points. The maximum ratio of loan to net assets is 35%, it said.
The fund, which focuses on large-scale agricultural and industrial solar assets, raised gross proceeds of GBP130 million through its initial public offering in July last year, and raised a further GBP13 million in an oversubscribed placing in February of this year.
Bluefield Solar Income Fund shares were up 0.1% at 102.085 Friday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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