TIDMHICL
RNS Number : 4968Z
HICL Infrastructure PLC
24 May 2021
24 May 2021
HICL Infrastructure PLC
("HICL" or "the Company" and, together with its subsidiaries,
"the Group"), the London-listed infrastructure investment company
managed by InfraRed Capital Partners Limited ("InfraRed" or "the
Investment Manager".)
HICL secures GBP400m Sustainability-linked SONIA credit
facility
The Board of HICL is pleased to announce that the Company has
successfully renegotiated its GBP400m revolving credit facility
('RCF') used to support the acquisition of new investments. The
innovative facility incorporates defined sustainability targets,
converting the facility to a Sustainability Linked Loan.
The facility links interest charged to HICL's performance in
relation to environmental, social and governance ('ESG') matters.
Specifically, HICL will incur a premium or reduction to the
interest charged on the RCF based on performance against the
following ESG targets:
-- Environmental:
o Increasing the percentage of portfolio companies with energy,
water and waste reduction initiatives in place
o Increasing the percentage of portfolio companies reporting
Scope 1 and 2 greenhouse gas emissions
o Reducing Scope 3 greenhouse gas emissions
-- Social: Increasing the percentage of portfolio companies
making voluntary charitable contributions, supporting local
community engagement
-- Governance: Maintaining a low rate of RIDDORs(1) across the
portfolio, a key health and safety metric for HICL
Performance against these targets will be measured annually,
with the cost of the RCF being adjusted for the following year.
Overall, the margin on the RCF can vary between 164bps and 170bps
over SONIA for GBP drawings.
The facility duration is two years through to 31 May 2023. The
consortium of lenders comprises Crédit Agricole, HSBC, ING, Lloyds,
National Australia Bank, Royal Bank of Scotland International,
Santander and Sumitomo Mitsui Banking Corporation.
Harry Seekings, Head of Infrastructure at InfraRed Capital
Partners Limited, said: "This innovative sustainability-linked
SONIA facility is one of the first in the market, highlighting
HICL's continued commitment to providing sustainability leadership
in the sector."
Ian Russell, Chairman of the Board, said: "The Board is pleased
with this further evidence of HICL's sustainability strategy in
action, increasing the alignment of long-term financial performance
with positive stakeholder outcomes."
1. Reporting of Injuries, Diseases and Dangerous Occurrences
Regulations 1995
-ends-
Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800 / info@hicl.com
Harry Seekings
Keith Pickard
Edward Hunt
Teneo +44 (0) 20 3757 9257
Haya Herbert-Burns
Investec Bank plc +44 (0) 20 7597 4952
David Yovichic
RBC Capital Markets +44 (0) 20 7653 4000
Matthew Coakes
HICL Infrastructure PLC
HICL Infrastructure PLC ("HICL") is a long-term investor in
infrastructure assets which are predominantly operational and
yielding steady returns. It was the first infrastructure investment
company to be listed on the London Stock Exchange.
With a current portfolio of 116 infrastructure investments, HICL
is seeking further suitable opportunities in core infrastructure,
which are inherently positioned at the lower end of the risk
spectrum.
Further details can be found on the HICL website www.hicl.com
.
Investment Manager (InfraRed Capital Partners)
The Investment Manager to HICL is InfraRed Capital Partners
Limited ("InfraRed") which has successfully invested in over 200
infrastructure projects since 1997. InfraRed is a leading
international investment manager focused on infrastructure and real
estate. It operates worldwide from offices in London, New York,
Mexico City, Seoul and Sydney. With over 160 professionals it
manages in excess of US$12bn of equity capital in multiple private
and listed funds, primarily for institutional investors across the
globe. InfraRed is authorised and regulated by the Financial
Conduct Authority.
The infrastructure investment team at InfraRed consists of over
90 investment professionals, all with an infrastructure investment
background and a broad range of relevant skills, including private
equity, structured finance, construction, renewable energy and
facilities management.
InfraRed implements best-in-class practices to underpin asset
management and investment decisions, promotes ethical behaviour and
has established community engagement initiatives to support good
causes in the wider community. InfraRed is a signatory of the
Principles of Responsible Investment.
Further details can be found on InfraRed's website www.ircp.com
.
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END
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