JLEN Environmental Assets Group Ltd ESG Linked Revolving Credit Facility (7991Z)
26 Mayo 2021 - 1:00AM
UK Regulatory
TIDMJLEN
RNS Number : 7991Z
JLEN Environmental Assets Group Ltd
26 May 2021
26 May 2021
JLEN ENVIRONMENTAL ASSETS GROUP LIMITED
("JLEN" or the "Company")
ESG Linked Revolving Credit Facility
JLEN, the listed environmental infrastructure fund, is pleased
to announce that it has signed a new three-year facilities
agreement which provides for a committed multicurrency revolving
credit facility ("RCF") of GBP170 million and an uncommitted
accordion facility of up to GBP30 million.
The RCF provides an increased source of flexible funding, with
both Sterling and Euro drawdowns available at lower rates than the
existing facility. The agreement includes an uncommitted option to
extend for a further year and will be used to make future
acquisitions of environmental infrastructure projects to add to
JLEN's current portfolio, as well as covering any working capital
requirements.
The interest charged in respect of the renewed RCF is linked to
the Company's ESG performance, with JLEN incurring a premium or
discount to its margin and commitment fee based on performance
against defined targets. Those targets include:
-- Environmental: increase in the volume of clean energy produced
-- Social: the value of contributions to community funds
-- Governance: maintaining a low number of work-related
accidents, as defined under the Reporting of Injuries, Diseases and
Dangerous Occurrences ('RIDDORS') by the Health and Safety
Executive
Performance against these targets will be measured annually with
the cost of the RCF being amended in the following financial
year.
Lenders to the facility include three of the four existing
lenders (HSBC, ING and NIBC) plus two new lenders (National
Australia Bank and Royal Bank of Scotland International). The
margin can vary between 195bps and 205bps over SONIA ('Sterling
Overnight Index Average') for Sterling drawings and EURIBOR for
Euro drawings, depending on performance against the ESG
targets.
Richard Morse, Chairman, commented: "This loan facility enables
us to continue to develop our investment pipeline and we're
extremely proud to combine that with a set of ESG targets that
underline our commitment to acting in a socially responsible, safe
and environmentally sustainable manner."
For further information, please contact:
Foresight Group +44(0)20 3667 8100
Chris Tanner
Chris Holmes
Winterflood Investment Trusts +44(0)20 3100 0000
Neil Langford
Chris Mills
SEC Newgate +44 (0)20 3757 6882
Elisabeth Cowell
Megan Kovach
Praxis Fund Services +44(0)1481 755530
Matt Falla
Gemma Woods
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 2022 is 6.80(1) pence
per share. The dividend is payable quarterly.
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.
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END
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