KBRA Assigns an A+ Rating to BNP Paribas' Capital Call Facility to BNP Paribas Agility Co-Invest Fund 2 S.L.P.
10 Jul 2024 | London
KBRA UK (KBRA) assigns an A+ rating and stable outlook to BNP Paribas' capital call facility in the form a single currency term loan committed facility ("Facility A") and multi-currency revolving loan uncommitted facility ("Facility B") provided to BNP Paribas Agility Co-Invest Fund 2 S.L.P. ("Agility 2"). The rating was requested by BNP Paribas as the sole lender in the transaction.
Facility A and Facility B are bilateral facilities to which BNP Paribas has committed €200 million and €16 million respectively as of December 2023. Facility A and Facility B are used for working capital and investment purposes. Facility A has a three year maturity date, terminating in December 2026, and Facility B has a five year maturity date, terminating in December 2028, both with possibility of one year extension subject to BNP Paribas' consent.
Agility 2 will follow the investment strategy of its predecessor fund, building a portfolio of 30 to 50 minority private equity investments in European companies. The investment strategy targets investment sizes in the range from €10 million to €50 million. Agility 2 had a first close in November 2023 with €282 million seed investment, and the Fund is targeting a final size of €700-€900 million.
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