Energy consultant Inspired Energy plc (LON:INSE) has refreshed its borrowing capability via a £60mln facility with existing bank Santander and new lender Bank of Ireland.
The new facility runs to October 2023 with an option to extend the term for a further year and consists of £60mln in revolving credit plus a £25mln accordion option.
Covenants attached to the facility are interest cover of 4:1 and net leverage no more than 2.75:1 initially tapering to 2.25:1.
Paul Connor, chief financial officer, said the new facility provides the capital base to deliver on its stated growth strategy