Revolving Credit Facility

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 £50 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

 

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