HarbourVest Global Private Equity Limited announced the commencement of a new USD 600 million multi-currency credit facility ("the Facility") with Credit Suisse AG London Branch ("Credit Suisse") and Mitsubishi UFJ Trust Banking Corporation ("Mitsubishi") acting through its New York Branch. The lenders will provide an equal commitment of USD 300 million each. Mitsubishi is a new lender for HVPE, joining Credit Suisse, which has been co-lender to the Company since 2015. The new Facility is structured as a five-year evergreen with a two-year initial no-notice provision, giving a guaranteed initial term of seven years. From January 2021, the lenders are able to serve notice, but this must be a minimum of five years. Credit Suisse will act as agent. HVPE will pay a commitment fee to Credit Suisse and Mitsubishi on the undrawn Facility at a blended rate of 95 basis points, a decrease from the previous 115 basis points. The LIBOR margin has also been reduced to 250 basis points for borrowings of less than USD 300 million, with an additional 40 basis points payable on borrowings that exceed this amount. This compares favourably to the previous facility, which carried a margin of 275 basis points for borrowings of less than USD 250 million with a further 30 basis points payable on the entire drawn amount were borrowings to exceed USD 250 million. As with the previous facility, all borrowings are subject to compliance with covenants.