REG - JLEN Environmental - Refinancing of Sustainability Linked RCF

JLEN Environmental AssetsAnnouncement

13/06/2024 14:45

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RNS Number : 3725S  JLEN Environmental Assets Group Ltd  13 June 2024

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                                      +44(0)20 3667 8100

 Chris Tanner                                         institutionalir@foresightgroup.eu

Edward Mountney

Wilna de Villiers
 Winterflood Securities Limited                       +44(0)20 3100 0000

 Neil Langford
 SEC Newgate                                          +44 (0)20 3757 6882

 Elisabeth Cowell                                     Jlen@secnewgate.co.uk

Alice Cho

Harry Handyside
 Apex Fund and Corporate Services (Guernsey) Limited  +44 (0)20 3530 3600

 Matt Lihou

Matt Falla

 

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 share(1).

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
(http://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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