Global law firm Hogan Lovells has advised infrastructure investment company HICL PLC and group members on renegotiating its £650 million revolving credit facility (RCF) as an ESG-Linked Loan, to support the acquisition of new investments.

The facility was refinanced by its existing consortium of lenders and has a three year tenor with an option to extend for a further two years. Performance against defined Environmental, Social and Governance KPIs will be measured annually, with the cost of the RCF adjusted for the following year.

The Hogan Lovells team was led by co-head of Sustainable Finance and Investment Bryony Widdup in London, with support from Luxembourg finance partner Ariane Mehrshahi and London associate Axel Delaud.

Commenting on the deal, Bryony Widdup said: “We are delighted to have assisted the HICL group on this refinancing to support its ongoing investment business. The facility demonstrates HICL’s commitment to sustainability, which we are increasingly seeing as a key driver of investment decisions.”