Abengoa Yield closes credit facility and completes the acquisition of two assets
Abengoa Yield has closed the bank credit facility announced in its third quarter earnings conference call.
The credit facility consists of a four year bullet facility in the amount of US$125 million and was signed with a syndicate of five banks comprised by
The credit facility bears interest at Libor + 275 basis points, driving the weighted average cost of existing corporate debt to approximately 5.9%.
In addition, Abengoa Yield has closed the acquisition of Solacor 1/2 and PS10/20, the two largest assets within the US$312 million acquisition from Abengoa announced in September 2014. The first asset acquisition from Abengoa also includes Cadonal, a 50 MW wind farm, which we expect to close once the asset reaches commercial operation by the first quarter of 2015.
Abengoa Yield is a total return company that owns a diversified portfolio of contracted renewable energy, power generation and electric transmission assets in North America, South America and Europe. The firm focuses on providing a predictable and growing quarterly dividend or yield to its shareholders.
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