HarbourVest increases credit facility by $100 million, adds new lender

By Mary-Katherine Stinson

Lexington, Ky., Aug. 16 – HarbourVest Global Private Equity Ltd. increased its multicurrency credit facility by $100 million with the addition of a new lender joining the existing syndicate, according to a press release.

The updated size of the facility is $800 million from $700 million.

The additional $100 million was provided by the Guardians of New Zealand Superannuation, an entity established to manage the New Zealand Superannuation Fund. The new funding was arranged by Credit Suisse AG London Branch.

There was no change to the key terms.

As previously reported, the loan has an evergreen structure with a five-year rolling term.

The loan can only be terminated if the lenders issue a five-year notice.

The enlarged facility further supports HarbourVest’s unfunded commitments.

Currently, Credit Suisse AG, London Branch remains committed at $400 million, and Mitsubishi UFJ Trust Banking Corp. through the New York Branch has retained its current commitment of $300 million.

Credit Suisse continues as the agent.

The $100 million increase is undrawn as of Aug. 16.

As of June 30, the company reported holding cash and cash equivalents of $250 million.

The closed-end investment company is based in St. Peter Port, Guernsey.

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