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Octopus Renewables revolver increases to £270.8 million with accordion
By Mary-Katherine Stinson
Lexington, Ky., Feb. 27 – Octopus Renewables Infrastructure Trust plc increased the total commitments of its multicurrency revolving credit facility to £270.8 million with financing from four lenders, according to a notice.
National Australia Bank, NatWest, Santander and Allied Irish Banks provided the additional commitments.
The increased revolver has a three-year term expiring Feb. 24, 2026 and can be drawn in dollars, sterling, euros or Australian dollars.
It has an uncommitted accordion feature to allow an increase up to a further £150 million.
The facility has an interest rate of 200 basis points above Sonia or equivalent reference rate for other currencies, a reduction from the previous facility’s margin of 230 bps.
The facility was previously £150 million.
As of Feb. 24, the company had drawn £88.2 million.
The company expects to use the proceeds to fund existing construction commitments, to repay short-term facilities within the group and for future acquisitions of new renewable energy assets.
Octopus is a London investment company.
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