Platina refinanced the existing bank debt with long-term floating rate debt from institutional investors via mandates managed by IFM Investors and novated the existing swaps to a new counterparty, with no payment from Danu II to novate the swaps.
The refinancing increased the gearing and the maturity of project senior debt, with the new debt maturity exceeding that of the underlying power offtake and operating and management agreements. "Platina is delighted to have closed this refinancing with our partners IFM Investors, Lloyds Bank and US Bank".
The debt comes from two US-based insurance companies, alongside interest rate swaps and ongoing Transaction Banking services provided by Lloyds Bank. Platina will continue to diversify its sources of financing and facilitate for institutional investors to benefit from the stable cash flows generated by renewable projects."
