Business
RCF Increase to EUR 100 million
RCF Increase to EUR 100 million.
About this update from Aquila European Renewables Plc Registered
[{"type":"text","content":"\n \n 8 June 2022\n \n \n \n \n \n \n \n Aquila European Renewables Income Fund plc\n \n \n \n \n \n \n \n \n \n Revolving Credit Facility Increase to EUR 100 million\n \n \n \n \n \n \n Aquila European Renewables Income Fund plc (\"AERIF\" or \"the Company\"), the London-listed investment company advised by Aquila Capital Investmentgesellschaft mbH (the \"Investment Adviser\"), today announces that it has reached contractual close in relation to an increase in its existing revolving credit facility (\"RCF\") limit from EUR 40 million to EUR 100 million. In combination with the increase, the RCF maturity date has been extended by a further 12 months from April 2023 to April 2024.\n \n The RCF was first implemented in April 2021 and was structured to provide additional flexibility, including:\n \n ·\n an accordion option which enables the Company to upsize the facility limit from EUR 40 million to EUR 100 million; and\n \n \n ·\n an extension option, which allows the RCF tenor to be extended by a further two years.\n \n As announced on 16 May 2022, in combination with the acquisition of Tiza, the Company has been in discussions with RCF lenders to exercise both the accordion and extension option, in order to prudently accommodate existing funding commitments of over EUR 120 million[1] (Greco and Tiza) and provide funding flexibility for further pipeline opportunities.\n The Company has successfully exercised both the accordion and extension options, noting that:\n \n ·\n a further EUR 50 million accordion option (subject to bank consent) has been agreed with RCF lenders (increasing the total RCF facility limit to EUR 150 million);\n \n \n ·\n a further one year extension option to April 2025 remains (subject to bank consent);\n \n \n ·\n the RCF margin (1.85% over EURIBOR) and commitment fee remain unchanged; and\n \n \n ·\n the bank group is unchanged and consists of ING Bank N.V. (\"ING\") and Royal Bank of Scotland International Limited (\"RBSI\").\n \n Taking into account the increased RCF limit, AERIF's existing cash on hand and deducting future funding commitments, AERIF has surplus capital of approximately EUR 40 million[2] remaining (excluding the additional EUR 50 million RCF accordion option).\n \n Commenting on today's announcement, Michael Anderson, Senior Manager at Aquila Capit...