HarbourVest Global renews multicurrency facility, extends to 2022

By Sarah Lizee

Olympia, Wash., Dec. 6 – HarbourVest Global Private Equity Ltd. renewed its $500 million multicurrency credit facility with Lloyds Bank plc and Credit Suisse AG, extending its maturity to December 2022, according to a company release.

Lenders will provide an equal commitment of $250 million each.

Lloyds is the facility agent.

Interest on the loans is Libor plus 275 basis points if borrowings are less than $250 million and Libor plus 305 bps otherwise.

Previously, the margin above Libor was 300 bps if borrowings were less than $250 million, stepping up to 330 bps otherwise.

The commitment fee on undrawn amounts is unchanged at 115 bps.

The company reported that it moved to a net cash position in August 2014 and has not since needed to borrow funds.

The company held net cash of $176 million as of Oct. 31, and as of Wednesday, the facility was undrawn.

“This renewal, with the extended duration and improved financial terms, provides additional comfort for a further five years and demonstrates the board’s commitment to shareholders to prudently manage the company’s balance sheet,” Michael Bunbury, chairman of HarbourVest’s board, said in the release.

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

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