Funding & debt facility
The Company has a £900 million revolving credit facility (“RCF”) in order to maintain a good level of liquidity for further investment whilst minimising returns dilution from holding excessive cash balances.
The RCF, which was refinanced in July 2022, comprises a base facility of £600 million and commitments under an accordion facility of £300 million. The RCF matures in November 2026.
The new facility is a sustainability-linked RCF; it includes stretching targets across Environmental, Social and Governance themes aligned with the Company’s purpose. Performance against these targets will adjust the margin for the subsequent year.
The details of the sustainability-linked RCF are as follows:
Borrower: 3i Infrastructure plc
Committed: £900 million
Maturity: November 2026
Type: Multi-currency (£, €, US$) revolving credit facility secured by a floating charge over the bank accounts of the Company
Margin: 1.50% over SONIA
Financial covenants: loan to value covenant
Arranged by:
Barclays Bank plc
Industrial and Commercial Bank of China Limited, London Branch
Lloyds Bank plc
Natwest Markets plc
National Australia Bank Limited
Royal Bank of Canada
Skandinaviska Enskilda Banken AB
Sumitomo Mitsui Banking Corporation
Facility Agent: Lloyds Bank plc