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Get filing alertsHASI refinances $2.7B in credit facilities, cutting interest costs and extending maturities
Filed July 20, 2026 · Period ending July 14, 2026 · ~1 min read
Key Changes
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high
Entered $2.25B 5-year revolving credit facility, replacing prior $1.825B facility; increases capacity by $425M and extends maturity from April 2028 to July 2031 with current spread of 157.5 bps over SOFR (down from 167.5 bps).
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
high
Refinanced $500M in term loans into new $400M 3-year facility at SOFR+1.45%, a 33 basis point reduction from weighted average spreads of 1.925% and 1.65% on terminated facilities; reduces total term loan capacity by $100M.
Item 8.01 — Other Events verify on EDGAR → -
medium
Terminated prior credit agreement with no outstanding loans; all obligations paid and existing letters of credit transferred to new facility.
Item 1.02 — Termination of a Material Definitive Agreement verify on EDGAR → -
low
Both new facilities include CarbonCount®-based sustainability adjustments allowing up to 10 bps rate reduction based on carbon performance metrics.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
Summary
HASI executed a comprehensive refinancing of its credit facilities on July 14, 2026, improving both pricing and maturity profile. The company replaced its $1.825 billion revolving credit facility with a new $2.25 billion 5-year facility, adding $425 million in borrowing capacity and extending maturity three years to July 2031. The current interest spread dropped 10 basis points to 157.5 bps over SOFR.
Simultaneously, HASI consolidated two term loan facilities totaling $500 million into a single $400 million 3-year facility at SOFR+1.45%, achieving a 33 basis point reduction in weighted average spreads. The company had no outstanding loans under the terminated revolving facility. The refinancing reduces HASI's interest expense while maintaining ample liquidity for its sustainable infrastructure investment strategy.
The net $100 million reduction in term loan capacity suggests the company is optimizing its capital structure rather than pursuing aggressive growth. Both new facilities incorporate sustainability-linked pricing tied to CarbonCount® metrics, aligning financing costs with the company's environmental mission. All 18 relationship banks from the prior revolving facility participated in the new agreement, indicating continued lender confidence. The transactions include standard covenants typical for investment-grade unsecured credit facilities.
Section-by-Section Diff
Event · Item 2.03 — Creation of a Direct Financial Obligation
Item 2.03 also reports this as a direct financial obligation (body incorporates the primary Item by reference).
Added in current filing · verify on EDGAR →
Item 2.03. Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth above under “Item 1.01. Entry into a Material Definitive Agreement” is incorporated herein by reference.
The company also filed this under Item 2.03, which means it is reporting the arrangement as a direct financial obligation. The Item 2.03 text refers back to the Item 1.01 entry for the terms rather than restating them.
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
Current spread of 157.5 bps + Term SOFR (or the applicable benchmark). The current spread is based on the Company’s current credit rating adjusted for the applicable CarbonCount®-based sustainability adjustment of 5 bps.
The new facility's current interest rate spread is 157.5 basis points over Term SOFR, compared to 167.5 basis points in the prior facility. The spread ranges from 1.25% to 2.125% based on credit rating and can be adjusted up or down by up to 0.10% based on CarbonCount® sustainability metrics. This represents improved borrowing costs for the company.
Show 2 minor / wording changes
Added in current filing · verify on EDGAR →
Current commitment fee of 27 bps based on the Company’s credit rating adjusted for the applicable CarbonCount®-based sustainability adjustment on undrawn amounts.
The commitment fee on undrawn amounts decreased to 27 basis points from 29.5 basis points in the prior facility. The fee ranges from 0.20% to 0.45% based on credit rating and can be adjusted up or down by up to 0.01% based on CarbonCount® levels. This reduces the cost of maintaining unused borrowing capacity.
Added in current filing · verify on EDGAR →
The New Credit Agreement contains terms, conditions, covenants, and representations and warranties that are customary and typical for a transaction of this nature, including various affirmative and negative covenants, and limitations on the incurrence of liens and indebtedness, investments, fundamental organizational changes, dispositions, changes in the nature of business, transactions with affiliates, use of proceeds, stock repurchases, and dividends the Company declares.
The new credit agreement includes customary covenants and restrictions typical for unsecured credit facilities, including limitations on liens, indebtedness, investments, asset sales, affiliate transactions, and dividends. The agreement also includes standard events of default and remedies. These terms provide lenders with typical protections while maintaining operational flexibility for the company.
Event · Item 8.01 — Other Events
Item 8.01 — Other Events filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On July 14, 2026, the Company as borrower, entered into a new $400 million, 3-year senior unsecured term loan facility pursuant to a CarbonCount®-based term loan agreement (the “New Term Loan Agreement”) with JPMorgan as administrative agent, sole bookrunner and sustainability structuring agent, Coöperatieve Rabobank U.A., New York Branch and JP Morgan as joint lead arrangers, Coöperatieve Rabobank U.A., New York Branch as documentation agent, the loan parties from time to time party thereto and the lenders party thereto.
HASI entered into a new $400 million, 3-year senior unsecured term loan facility with JPMorgan as administrative agent and sustainability structuring agent. The facility is CarbonCount®-based, meaning the interest rate can be adjusted based on the company's carbon performance metrics. The obligations are guaranteed by certain HASI subsidiaries.
Added in current filing · verify on EDGAR →
The New Term Loan Agreement replaces the Company’s existing $250 million unsecured term loan facility entered into in April 2024 (the “Prior Term Loan Agreement”) and the Company’s existing $250 million delayed draw term loan facility entered into in November 2025 (the “Delayed Draw Term Loan Agreement”), which were terminated on July 14, 2026.
The new facility replaces and terminates two existing facilities totaling $500 million: a $250 million term loan from April 2024 and a $250 million delayed draw term loan from November 2025. This consolidates $500 million of existing debt into a single $400 million facility, reducing total borrowing capacity by $100 million.
Added in current filing · verify on EDGAR →
Principal amounts under the New Term Loan Agreement will bear interest at a rate of Term SOFR plus applicable margins based on the Company’s current credit rating, which may be adjusted up to 0.10% to the extent the Company achieves certain CarbonCount® levels. As of the date of the New Term Loan Agreement, the applicable margin is 1.45%, which represents a 33 basis point reduction compared to the weighted average spreads of the Company’s Prior Term Loan Agreement and Delayed Draw Term Loan Agreement, based on spreads at close of 1.925% and 1.65%, respectively.
The new facility bears interest at Term SOFR plus 1.45%, with potential adjustments up to 0.10% based on carbon performance. This represents a 33 basis point reduction compared to the weighted average spreads of the two terminated facilities (1.925% and 1.65%). The lower rate reduces HASI's interest expense and the sustainability-linked structure provides incentive for carbon reduction.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
The New Term Loan Agreement contains terms, conditions, covenants, and representations and warranties that are customary and typical for a transaction of this nature, including various affirmative and negative covenants, and limitations on the incurrence of liens and indebtedness, investments, fundamental organizational changes, dispositions, changes in the nature of business, transactions with affiliates, use of proceeds, stock repurchases, and dividends the Company declares. The New Term Loan Agreement also includes customary events of default and remedies.
The facility includes standard covenants typical for corporate term loans, including restrictions on liens, additional debt, investments, asset sales, affiliate transactions, and dividends. These are routine protections for lenders and do not appear to impose unusual constraints on HASI's operations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 21, 2026 · How we verify