RAMPF - Polaris Infrastructure announces $110M senior debt facility for Nicaragua unit

Polaris Infrastructure (OTCPK:RAMPF) closed funding of a definitive financing deal with 3 Development Financial Institutions for a senior debt facility totaling $110M for RAMPF's geothermal subsidiary in Nicaragua. This senior debt facility replaces the existing senior and subordinated project loans in Nicaragua. The senior debt facility will have a 15-year term starting in 2022, with an initial interest rate spread of 7% that will be reduced to 6.75% once the binary unit has been completed, which is currently scheduled for Q4 2022. Further to the Dec. 2020 extension of Nicaragua's power purchase agreement (NYSEARCA:PPA) to 2039, the debt refinancing now aligns the amortization of the debt with the PPA.

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Polaris Infrastructure announces $110M senior debt facility for Nicaragua unit