HarbourVest Global Private Equity Limited, a closed-end investment company, has announced the successful renewal of its existing $500 million multi-currency credit facility with Lloyds Bank plc and Credit Suisse AG. Lloyds Bank plc has maintained its $300 million commitment, with Credit Suisse AG continuing to commit $200 million. The Facility, which retains similar covenants, has been extended to December 2020. Lloyds Bank plc will act as agent.

The commitment fee on the undrawn Facility has increased from 90 basis points to 115 basis points. The LIBOR margin applicable to the Facility is 300 basis points for borrowings of less than $250 million; a further 30 basis points will be payable on the total sum drawn if borrowings exceed $250 million. This compares with a LIBOR margin of 265 basis points on the previous terms, which increased at two additional thresholds to 315 basis points and 350 basis points on borrowings greater than $150 million and $300 million respectively.

The Company moved to a net cash position in August 2014, and has had no requirement for the use of borrowed funds in the intervening period. As at 6 January 2017, the Facility remains undrawn.

Sir Michael Bunbury, Chairman of HVPE, commented:

"I am pleased to confirm that the Board has approved an extension of the Company's existing $500 million credit facility. The expiry date has been extended from September 2019 to December 2020. The Company held net cash of $186 million as of 31 December 2016 and based on current cash flow projections, the Company does not expect to draw significantly on the credit facility in the current five-year planning period. However, the Board is of the opinion that the additional duration provides comfort for, and is complementary to, the significant new commitments that have been made in recent years."