KBRA Affirms and Publishes the Rating Assigned to ABN AMRO's Participation in a Capital Call Facility to DIF Core Infrastructure Fund II Coöperatief U.A.
13 Nov 2024 | London
KBRA UK (KBRA) affirms the BBB rating assigned to ABN AMRO's (“ABN”) participation in a capital call facility in the form of a senior secured revolving credit facility (the "Facility") to DIF Core Infrastructure Fund II Coöperatief U.A. (“DIF CIF II” or the “Fund”). The Outlook is Stable. The Facility is provided by a syndicate of lenders including ABN. On 4 December 2023, KBRA UK (KBRA) assigned a rating to the Facility on an unpublished basis. The rating has been converted from unpublished to published. The rating assigned was requested by ABN as a participating lender in the transaction. Neither DIF Management B.V. ("CVC DIF") nor any of its associates has requested this report or the rating, and this report has not been prepared for or approved by any of them.
The Facility is a multi-currency committed secured revolving loan facility with a current facility size of €132 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 II is the second vintage in CVC DIF’s core plus infrastructure fund strategy that focuses on the small-cap and mid-cap markets infrastructure space, with investments in the telecoms, transportation and energy transition sub-sectors covering Europe, North America, and Oceania.
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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