Hannon Armstrong Sustainable Infrastructure Capital, Inc. (“HASI,” “we”, “our”, or the “Company”) (NYSE: HASI), a leading investor in climate solutions, today announced that it has amended and extended its corporate unsecured credit facilities with a syndicate of banks. The committed capacity under the Company’s CarbonCount®-Based Revolving Credit Facility has increased from $915 million to $1.25 billion, outstanding amounts under the CarbonCount®-Based Term Loan Facility are $250 million, and the CarbonCount® Green Commercial Paper Note Program (the “CarbonCount Green CP Program”) has increased from $100 million to $125 million, totaling $1.625 billion across the three facilities.
The revolving line of credit has been extended by four years maturing in 2028, the term loan A has been extended for three years maturing in 2027, and the green CP program has been extended for two years maturing in 2026. The applicable margins remain unchanged for all three bank facilities at 187.5 bps for the revolving line of credit, 212.5 bps for term loan A, and 140 bps for the green CP program. Each facility provides for interest rate reductions if HASI achieves certain levels of its CarbonCount metric on an annual basis. The CarbonCount Green CP Program was the first fully green commercial paper program in the United States when launched in 2021.
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“The upsize and term extension of our credit facilities simultaneously addresses a majority of our 2025 maturities and enhances the flexibility of our diversified funding platform,” said Marc Pangburn, Chief Financial Officer, HASI. “A well-balanced platform of bank borrowings, unsecured debt, and project debt allows us to maintain an opportunistic approach to debt financing.”
The revolving line of credit and term loan A includes a 14 bank syndicate led by J.P. Morgan as administrative agent, sustainability structuring agent, and lead left arranger. BofA Securities, Inc. is the dealer and green structuring advisor for the CarbonCount Green CP Program.
Measuring the Climate Impact of Every Investment
Consistent with our investment thesis and sustainability investment policy, HASI only invests in assets that are neutral to negative on incremental carbon emissions or have some other tangible environmental benefit, such as reducing water consumption. We track and report on the impact of all investments utilizing CarbonCount, a proprietary scoring tool for evaluating real assets to determine the efficiency by which each dollar of invested capital avoids annual carbon dioxide equivalent emissions (CO2e). This first-of-its-kind methodology promotes transparency in project finance by creating a simple and comparable metric for infrastructure projects to be evaluated in terms of how much capital investment is mitigating climate change.
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