Statement re financing arrangements

RNS Number : 5874I

Jersey Electricity PLC

02 June 2014

 

JERSEY ELECTRICITY PLC

2 June, 2014

Refinancing of debt

The Company announces that longer-term financing arrangements have been put in place to replace the existing 2 year revolving credit facility which was initiated to cover the expected costs associated with a further subsea cable between Jersey and France (along with associated land cabling works and equipment installation) during the period up to commissioning. Normandie 3 will be the third interconnector to be installed between Jersey and mainland France and will become the second in active service, alongside Normandie 2. It is a shared £70m investment between Jersey Electricity plc and Guernsey Electricity Limited as part of our long-standing partnership, the Channel Islands Electricity Grid (CIEG).

Jersey Electricity has obtained 20 and 25 year financing via a private placement with Pricoa Capital Group (an affiliate of Prudential Financial, Inc.) supplemented with a 5 year revolving credit facility from The Royal Bank of Scotland International Limited.

Enquiries:

Martin Magee

Finance Director

Jersey Electricity plc

PO Box 45, The Powerhouse

Queens Road, St Helier

Jersey JE4 8NY

Tel: [phone]

email: [e-mail]

 

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