Financial Resources

In December 2007, HVPE secured a multi-currency revolving credit facility. The facility was most recently renewed in December 2016. It expires in December 2020. 

Key Features

$500 million facility with a current expiry date of December 2020

  • $0 drawn at 31 March 2017 ($198 million held in cash)
  • $500 million available at 31 March 2017

Lenders are Lloyds Bank plc and Credit Suisse

Additional Terms

  • 115 basis points on undrawn amounts
  • For drawn amounts up to $250 million, borrowing at LIBOR plus 300 basis points; additional 30 basis points for balances over $250 million 

Key Covenants

  • Asset Test Ratio: Company indebtedness limited to 35% of assets, with the value of the assets subject to certain diversification tests
  • Non-Financial Covenants: Limitations restrict HVPE's ability to, among other things, make unduly concentrated commitments to funds, incur additional indebtedness or liens above the facility level, pay dividends above certain levels, or merge, consolidate, or substantially change its business without bank approval.