IPP makes leap from Libor in loan refi
International Public Partnerships, a UK listed infrastructure investment company, has refinanced a £400m loan to extend the maturity and switch the margin from the Libor benchmark, as lenders hope that other borrowers do the same rather than cram into the second half of the year.
IPP’s new facility is made up of a £250m fully committed tranche and a £150m accordion feature, subject to lender approval. It comes due in March 2024.
Barclays, National Australia Bank, RBS and SMBC provided the facility.The facility can be drawn in sterling or euros. Euro drawings will be ...