KBRA Upgrades and Publishes the Rating Assigned to ABN AMRO's Participation in a Capital Call Facility to Antin Infrastructure Partners IV
10 Dec 2024 | London
KBRA UK (KBRA) has completed a surveillance review of ABN AMRO's ("ABN" or the "Lender") participation in a capital call facility in the form of a committed and secured term loan facility to be used by way of short-term loans or letters of credit (the “Facility”) to the partnerships comprising Antin Infrastructure Partners IV (“Antin IV” or the “Fund”). The Facility is provided by a syndicate of lenders including ABN (the “Lenders”). The review resulted in an upgrade of the outstanding rating to A+ from A. The Outlook is Stable. The rating was requested by ABN as a participating lender in the transaction. Neither Antin Infrastructure Partners (“Antin”, the “Manager” or the “Firm”) 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.
KBRA originally assigned a rating to the Facility on an unpublished basis on 28 July 2023. The rating has been converted from unpublished to published. The rating action reflects the quality of the Limited Partner (LP) base, the strong facility terms with coverage thresholds set per Partnership, the increase in the amount of commitments that have been called by the Fund, and the continued strong performance of the Fund’s investments. As of November 2024, approximately 80% of the commitments have been called compared to 72% at issuance.
Antin Infrastructure Partners IV is a 2019 vintage fund which had its final close in July 2020 with total combined commitments of €6.5 billion from approximately 184 Limited Partners, including the GP commitment. Approximately 50% of the LP base is from repeat investors from previous vintages, representing a reinvestment rate of nearly 100%. Antin IV is the fourth vintage of the flagship infrastructure series launched by the Firm in 2008.
Established in 2007, Antin Infrastructure Partners (“Antin” or the “Firm”) is a private equity firm that focuses on infrastructure investments. As of June 2024, the Firm had approximately €31.7 billion of assets under management across its Flagship, Mid Cap and NextGen investment strategies. Antin employs more than 220 professionals across five offices in Paris, London, New York, Singapore, and Luxembourg.
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