John Laing Infrastructure Fund (JLIF), a public private partnership infrastructure firm, has secured a 150m-pound credit facility with Lloyds TSB Bank, Royal Bank of Scotland (RBS) and ING Bank.

The three-year revolving credit facility will replace the existing £75m facility with RBS.

Funds will be used primarily for acquisitions, and will be repaid through raising equity in the market.

The company can raise its debt up to 25% of its total assets. The margin on the agreed facility is 2.3% over LIBOR, and is subject to variation with the loan to value ratio.

Andrew Charlesworth, Investment Adviser to JLIF, said: "Considering the current activity in the secondary market, and that projected for 2013/4, this facility gives JLIF an immediate ability to be able to complete on larger portfolios or acquisitions from multiple vendors very quickly.

"The debt can be repaid through an equity issue which is more cost efficient for investors. This additional resource reinforces JLIF's business plan and further supports its growth targets over the coming two to three years.

"We are excited about the opportunities that will become available over the coming year and continuing to grow JLIF's portfolio in the most efficient manner possible."

Shares fell 0.18% to 111.00p at 15:01 Wednesday.

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