Hannon Armstrong negotiates $450 million of new revolving facilities

By Sarah Lizee

Olympia, Wash., Dec. 12 – Hannon Armstrong Sustainable Infrastructure Capital, Inc. is currently negotiating $450 million of new revolving credit facilities with various lenders, according to an 8-K filing with the Securities and Exchange Commission.

The company said it expects that the credit facilities will be comprised of two loan agreements, including a representation-based loan agreement that will provide for a $250 million senior secured revolving limited-recourse credit facility and an approval-based loan agreement that will provide for a $200 million senior secured revolving recourse credit facility.

The expected maturity is July 19, 2023.

The representation-based revolver will bear interest at Libor plus 140 basis points or 185 bps, depending on the type of obligor. Loans under the approval-based revolver will bear interest at Libor plus 150 bps or 200 bps, depending on the type of loan.

To the extent that the new credit facilities close, the company intends to use a portion of the proceeds to repay existing credit facilities in full, the filing noted.

Hannon Armstrong is an Annapolis, Md.-based real estate investment trust.

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