HarbourVest Global Private Equity, a closed-end investment company, renewed its existing $500 million multi-currency credit facility with Lloyds Bank and Credit Suisse.

Lloyds Bank maintained its $300 million commitment and Credit Suisse maintained its $200 million commitment. The facility, which retains similar covenants, has been extended from September 2019 to December 2020. Lloyds Bank acted as agent.

The commitment fee on the undrawn facility has increased from 90 basis points to 115 basis points. The LIBOR margin applicable to the facility is 300 basis points for borrowings of less than $250 million; a further 30 basis points will be payable on the total sum drawn if borrowings exceed $250 million.

This compares with a LIBOR margin of 265 basis points on the previous terms, which increased at two additional thresholds to 315 basis points and 350 basis points on borrowings greater than $150 million and $300 million respectively.

The company moved to a net cash position in August 2014, and has had no requirement for the use of borrowed funds in the intervening period. As of January 6, 2017, the facility remains undrawn.