APR Energy announced it completed a new $770 million credit facility.

The five-year facility provides the group with financing through August, 2019, expands available funding by $120 million and provides significantly improved covenant flexibility.

Underwritten by a syndicate led by Bank of America Merrill Lynch and HSBC, the facility broadens and diversifies the group’s bank relationships with both existing and new lenders.

The facility also contains an accordion feature that would allow the total facility to expand further, up to $1 billion, subject to the group obtaining additional funding commitments and complying with leverage covenants.

John Campion, APR Energy’s chief executive, said: “We are very pleased to have secured this new, expanded facility, which strengthens our financial position, gives us liquidity to manage through our business cycle and provides us the incremental capacity needed to effectively execute our growth strategy.

“We appreciate the strong support we continue to receive from all our lender partners, including our lead underwriters, Bank of America Merrill Lynch and HSBC, as well as Barclays, JPMorgan and a number of global partner banks. These represent some of the largest and most-respected financial institutions in the world, and the size and terms of the new facility they have provided us reflect their full confidence in the group’s business model and our prospects for growth.”