HarbourVest updates credit facility status, will revert to fixed-term

By Mary-Katherine Stinson

Lexington, Ky., Jan. 20 – HarbourVest Global Private Equity Ltd. announced that its $800 million multi-currency credit facility will revert to a fixed-term arrangement following the formal receipt of notices, according to a notice.

Since January 2019 the facility had featured an evergreen structure, with lenders bound by a rolling minimum notice period of five years.

Currently, Credit Suisse AG, London Branch’s $400 million commitment and Mitsubishi UFJ Trust Banking Corp. New York Branch’s $300 million commitment expire Jan. 12, 2028.

The additional $100 million provided by the Guardians of New Zealand Superannuation expires Aug. 15, 2027.

As of Jan. 20 the facility is currently undrawn.

The company stated it believes the facility provides sufficient capacity for HarbourVest’s existing and planned commitments for the next five years.

At Dec. 31 HarbourVest reported holding cash and cash equivalents of $205 million.

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

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