24th Mar 2015 10:50
LONDON (Alliance News) - GCP Infrastructure Investments Ltd Tuesday said it has agreed a GBP50 million revolving credit facility with Royal Bank of Scotland International Ltd, part of Royal Bank of Scotland Group PLC, giving the UK infrastructure debt investor funding it can put towards new investments.
Interest on amounts drawn under the facility is charged at a rate of the London interbank offered rate - the rate at which banks lend to one another - plus a margin of 2.25% a year.
GCP will also pay a commitment fee on undrawn commitments, while an arrangement fee was also levied on signing the deal.
The facility imposes "various" minimum interest cover and loan-to-value ratios on the company, according to GCP.
Voluntary prepayment and cancellation is permitted in minimum amounts of GBP500,000.
"The facility is secured, inter alia, by way of a charge over accounts of the company, a charge over the shares in GCP Infrastructure Asset Holdings Ltd held by the company and a UK debenture from the subsidiary," GCP Infrastructure Investments said.
GCP Infrastructure is advised by Gravis Capital Partners LLP.
GCP shares were flat at 119.06 pence on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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