DLA Piper has advised FTSE 250 company HICL Infrastructure plc (‘HICL’), the UK’s largest infrastructure investment company, in relation to a new fund level letter of credit facility and the amendment of its existing revolving credit facility. The facilities will support HICL’s existing and future infrastructure projects in construction.
The new letter of credit facility, provided by Sumitomo Mitsui Banking Corporation and ING, includes total committed and uncommitted funding over EUR300 million with a six-year maturity date and is implemented to provide the fund with additional flexibility for its acquisition strategy. This will also provide for operational letter of credit management improvements. The new facility compliments HICL’s existing GBP400 million revolving credit facility which was restated as part of the overall transaction to accommodate the new financing and to maintain HICL’s flexible funding arrangements.
The DLA Piper team was led by London-based Finance partner Bryony Widdup, assisted by associates Mariel Luna and James Tighe. Luxembourg-based Finance partner Xavier Guzman and associates Yann Zellet and Tiziana Olivetti also advised on the transaction.
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