JP Morgan Private Equity (JPEL) has secured a multi-currency credit facility worth $150 million, Private Equity Wire reports. The private equity fund of funds, managed by JP Morgan Asset Management, obtained the loan from Lloyds Bank Corporate Markets.
The new credit facility will let the trust reduce its debt costs and also cover a number of currencies, increasing the trust’s financial flexibility, adds Fund Strategy. The proceeds from the loan will be used to refinance JPEL’s existing $100 million facility with Fortress Credit, which is expected to mature in 2012. The maturity date for the new credit facility is May 2013.
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