12th Jun 2023 08:24
Digital 9 Infrastructure PLC - London-based investor in digital infrastructure - On Monday last week, Digital 9 said it signed a USD100 million green loan debt facility for Verne Global Iceland, with a fixed-term of five years maturing in June 2028. Now says that Verne Global has drawn the full USD100 million under its facility.
Says the borrower has also put in place an interest rate swap for the first three years of the facility to manage longer-term fluctuations in interest rates. The fixed rate for the tenor of the swap is 4.14% per year and the all-in fixed rate including the applicable margin is 7.14% per year.
Chair Phil Jordan says: "Securing this debt at a [circa] 7% interest rate enables Verne Global to continue funding its identified capital expenditure pipeline. We expect this development pipeline to generate significant returns that far exceed the cost of borrowing. This accretive financial milestone aligns with our goal of driving sustainable growth and enhancing shareholder value."
Current stock price: 65.21 pence
12-month change: down 43%
By Sophie Rose, Alliance News reporter
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