KBRA Assigns a Rating to a Senior Secured Revolving Credit Facility to DIF Core-Plus Infrastructure Fund III Coöperatief U.A.
8 Aug 2024 | London
KBRA UK (KBRA) assigns an A- rating to a Senior Secured Revolving Credit Facility (the "Facility") to DIF Core-Plus Infrastructure Fund III Coöperatief U.A. (“DIF CIF III” or the “Fund”) provided by a syndicate of lenders (the “Lenders”). The Outlook is Stable. The rating was requested by DIF Management B.V. (“CVC DIF” or the “Manager”) as the manager of the Fund.
The Facility is a multi-currency committed secured revolving loan facility with a current facility size of €350 million. The Facility is used for working capital and investment purposes including investments and is due to mature in June 2025, with extension options of one year each at Lender’s sole discretion. The Lenders benefit from a security package that includes: (i) an assignment of the right to call capital, receive the contributions, enforce payments, (ii) security over the collateral accounts that will receive the capital contributions, and (iii) all proceeds of the foregoing. The Lenders do not have security over the Fund’s assets or the cashflows from these assets.
DIF CIF III is the third vintage in CVC DIF’s core+ infrastructure fund strategy, concentrating on companies and platforms with a buy-and-build strategy and supported by an asset-heavy business model, targeting investments offering medium-term contract cover with corporate counterparties, with strong value enhancement potential.
Founded in 2005, DIF Management B.V. is a globally operating infrastructure investor with approximately €18 billion of assets under management. CVC DIF manages two distinct investment strategies comprising of the traditional Infrastructure Funds and the Core Infrastructure Funds. In July 2024, CVC Capital Partners closed its acquisition of a majority stake in DIF Management B.V., with the intention to acquire the remaining shares over a five-year period.
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