13 June 2024
JLEN ENVIRONMENTAL ASSETS
GROUP LIMITED
("JLEN"
or the "Company")
Refinancing of Sustainability
Linked Revolving Credit Facility
JLEN, the listed environmental
infrastructure fund, is pleased to announce that it has refinanced
a three-year facilities agreement providing for a committed
multicurrency revolving credit facility ("RCF") of £200 million
with an uncommitted accordion facility of up to £30 million and an
uncommitted option to extend for a further year. Taken together
this provides £30 million increased funding capability over the
previous facility.
The RCF provides a valuable source of flexible
funding, with both Sterling and Euro drawdowns available at a
margin of 210bps over SONIA (Sterling Overnight Index Average) for
Sterling drawings and Euribor (Euro Interbank Offered Rate) for
Euro drawings.
The RCF qualifies as a
Sustainability Linked Loan ("SLL") under the latest Loan Market
Association SLL principles. The aim of an SLL is to support
sustainable economic activity and growth, with interest rates
linked to meeting certain agreed sustainability goals. Therefore,
interest charged on the facility is linked to the Company's
Environmental, Social and Governance ("ESG") performance, with JLEN
incurring a 5bps premium or discount to its margin based on
performance against defined ESG-linked targets.
Performance against targets is
measured annually, with the cost of the RCF being amended in the
following financial year.
The lenders under the RCF remain
unchanged (HSBC, ING, National Australia Bank, Royal Bank of
Scotland International and Clydesdale Bank).
Ed
Warner, Chair commented: "I'm
delighted that JLEN has secured another three years of stable
financing at attractive terms - supporting our capital allocation
strategy as part of a number of ongoing measures to ensure that
JLEN is as attractive as possible to current and potential
investors. We are also pleased to have achieved Sustainability
Linked Loan status, demonstrating our ongoing commitment to
sustainable infrastructure investment."
-ENDS-
For
further information and enquiries, please
contact:
Foresight Group
Chris Tanner
Edward Mountney
Wilna de Villiers
|
+44(0)20 3667 8100
institutionalir@foresightgroup.eu
|
Winterflood Securities Limited
Neil Langford
|
+44(0)20 3100 0000
|
SEC
Newgate
Elisabeth Cowell
Alice Cho
Harry Handyside
|
+44 (0)20 3757 6882
Jlen@secnewgate.co.uk
|
Apex Fund and Corporate Services (Guernsey)
Limited
Matt Lihou
Matt Falla
|
+44 (0)20 3530 3600
|
About JLEN
JLEN's investment policy is to
invest in a diversified portfolio of Environmental Infrastructure.
Environmental Infrastructure is defined by the Company as
infrastructure assets, projects and asset-backed businesses that
utilise natural or waste resources or support more environmentally
friendly approaches to economic activity, support the transition to
a low carbon economy or which mitigate the effects of climate
change. Such investments will typically feature one or more of the
following characteristics:
· long-term, predictable cash flows,
which may be wholly or partially inflation-linked cash flows;
· long-term contracts or stable and well-proven regulatory and
legal frameworks; or
· well-established technologies, and demonstrable operational
performance.
JLEN's aim is to provide investors
with a sustainable, progressive dividend per share, paid quarterly
and to preserve the capital value of the portfolio over the long
term on a real basis. The target dividend for the year to 31 March
2025 is 7.80 pence per share1.
JLEN is an Article 9 fund under the
EU Sustainable Finance Disclosure Regulation and has a transparent
and award winning approach to ESG.
Further details of the Company can
be found on its website www.jlen.com
LEI:
213800JWJN54TFBMBI68
(1) These are targets only and not profit forecasts. There
can be no assurance that these targets will be met or that the
Company will make any distributions at all.