J.P. Morgan Private Equity Ltd has agreed a new $150m multi-currency credit facility with Lloyds Bank Corporate Markets.

Proceeds will be used to refinance the JPEL's existing $100m facility with Fortress Credit Corp, which is scheduled to mature in 2012.

JPEL said the Lloyds Bank Corporate Markets facility offers multi-currency flexibility, improved pricing and a longer maturity date of May 2013.

Key terms of the facility include:

* LIBOR +275bps for a loan to value ratio of less than or equal to 10%, with no LIBOR floor

* LIBOR +325bps for a LTV ratio of greater than 10%, with no LIBOR floor

Chairman Trevor Ash said: "This new facility provides a meaningful reduction in debt service costs and significantly enhances JPEL's financial flexibility to support its overall strategic initiatives."


At 8:36am:

(LON:JPEL) share price was +0p at 1.09p