Global law firm Ashurst has advised longstanding client ICG, the FTSE 100 listed specialist asset manager, on a new £550 million syndicated revolving credit facility. The lender syndicate comprises twelve of ICG’s core relationship lenders.The new facility has been put in place to refinance existing £500 million revolving credit facilities and for general corporate purposes of the Group.

The new facility incorporates LIBOR “rate switch” mechanics for sterling and US dollars, in order to cater for LIBOR transition. Interest on the revolving facility loans will reference LIBOR for sterling and US dollar loans until the facility agreement’s trigger mechanism switches the reference rate from LIBOR to compounded SONIA for sterling loans and from LIBOR to compounded SOFR for US dollar loans.

The facility agreement also incorporates a sustainability-linked margin ratchet that adjusts according to the Group’s performance against certain ESG performance indicators.

The Ashurst team was led by London global loans partner Nicholas Moore, supported by associate Elizabeth Street-Thompson and legal executive Greg Scott. London tax partner Alexander Cox, supported by associate Martin Voelker, advised on the tax aspects.