Abengoa Yield (NASDAQ: ABY), the sustainable total return company that owns a diversified portfolio of contracted assets in the energy and environment sectors, announced today that it 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 $125 million and was signed with a syndicate of five banks comprised by HSBC, Bank of America Merrill Lynch, Citi, RBC and Santander. It 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 $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.
About Abengoa Yield
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. We focus on providing a predictable and growing quarterly dividend or yield to our shareholders (www.abengoayield.com).