JLEN Environmental inks one-year extension to existing RCF

3rd Apr 2023 08:04

(Sharecast News) - Investment firm JLEN Environmental Assets has inked a one-year extension to its existing £170.0m revolving credit facility and also activated its £30.0m accordion facility.

JLEN stated its extended facility will reach maturity in May 2025 and the interest charged will continue to be linked to its environmental, social, and governance performance, with margins ranging between 195 and 205 basis points over the Sterling overnight index average for both Sterling and Euro borrowings.

The London-listed group, which said the extension will allow it to pursue its pipeline of attractive environmental infrastructure opportunities, said the lenders to the facility include four of five existing lenders - HSBC, ING, National Australia Bank, Royal Bank of Scotland - plus new lender Clydesdale Bank.

Chairman Ed Warner said: "We are delighted with the extension of the RCF under existing terms despite the challenging credit environment. This is a testament to the strength of our investment strategy, and the loan facility enables us to continue to develop our investment pipeline of diversified environmental infrastructure assets."

As of 0735 BST, JLEN shares were down 0.12% at 119.45p.

Reporting by Iain Gilbert at Sharecast.com