John Laing Environmental Assets Grp Extension to Credit Facility (3777I)
19 Juni 2017 - 8:00AM
UK Regulatory
TIDMJLEN
RNS Number : 3777I
John Laing Environmental Assets Grp
19 June 2017
19 June 2017
JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED
("JLEN" or the "Company")
Extension to Credit Facility
JLEN, the listed environmental infrastructure fund, is pleased
to announce that it has signed a new three-year (with an
uncommitted option to extend for a further year) facilities
agreement which provides for a committed revolving credit facility
of GBP130 million and an uncommitted accordion facility of up to
GBP60 million with HSBC, NIBC, ING and Santander.
The facility will replace the existing facility and give JLEN an
increased source of flexible funding outside of equity raisings at
a lower cost. It will be used to make future acquisitions of
environmental infrastructure projects to add to its current
portfolio of wind, solar, waste and waste water processing assets,
as well as covering any working capital requirements.
The facility margin will be 200 to 225 bps (depending on the
loan-to-value ratio for the Fund) over LIBOR. Under its Investment
Policy, JLEN may borrow up to 30% of its net asset value.
Richard Morse, Chairman, commented:
'This new larger lower cost facility provides the Fund with more
capacity to move into its next phase of growth. JLEN is looking
forward to continuing the existing relationship that it has with
HSBC and NIBC and to developing new long term relationships with
ING and Santander'
For further details contact:
John Laing Capital Management Limited 020 7901 3559
David Hardy
Chris Tanner
Winterflood Investment Trusts 020 3100 0000
Joe Winkley
Neil Langford
Redleaf Polhill 020 7382 4769
Charlie Geller
Harriet Lynch
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
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