John Laing Environmental Assets Grp Revolving Credit Facility (0610U)
13 Oktober 2014 - 9:30AM
UK Regulatory
TIDMJLEN
RNS Number : 0610U
John Laing Environmental Assets Grp
13 October 2014
13 October 2014
JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED
John Laing Environmental Assets Group Limited ("JLEN") is
pleased to announce that it has signed financing documentation for
a three-year revolving credit facility of GBP50 million with HSBC
and NIBC.
The facility will give JLEN a flexible source of funding outside
of equity raisings. It will be used to make acquisitions of
environmental infrastructure projects to add to its current
portfolio of wind, solar, waste and waste water processing assets
and to cover working capital requirements. Borrowings under the
facility will be repaid through cash received from its investment
assets and future equity raisings.
The facility margin is 250bps over LIBOR. Under its Borrowing
Limits Policy, JLEN may borrow up to 30% of its net asset
value.
Richard Morse, Chairman, commented:
'The securing of this facility is in line with our intentions
set out at the time of the IPO. It is a useful tool to allow the
Fund to act swiftly to make bids for suitable assets in the active
secondary environmental infrastructure market and it will support
the Fund's growth over the next three years.'
For Further Details Contact:
John Laing Capital Management Limited -
Investment Adviser
David Hardy/ Chris Tanner 020 7901 3559
Redleaf Polhill - PR Advisers
Rebecca Sanders-Hewett/ Charlie Geller 020 7382 4769
About JLEN
JLEN's investment policy is to invest in environmental
infrastructure projects that have the benefit of long-term,
predictable, wholly or partially inflation-linked cash flows
supported by long-term contracts or stable regulatory
frameworks.
Environmental Infrastructure is defined by the Company as
infrastructure projects that utilise natural or waste resources or
support more environmentally-friendly approaches to economic
activity. This could involve the generation of renewable energy
(including solar, wind, hydropower and biomass technologies), the
supply and treatment of water, the treatment and processing of
waste, and projects that promote energy efficiency.
Further details of the Company can be found on its website
www.jlen.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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