Impax Environmental Markets PLC EUR 60m Private Placement debt issue (5743G)
20 Juillet 2023 - 8:00AM
UK Regulatory
TIDMIEM
RNS Number : 5743G
Impax Environmental Markets PLC
20 July 2023
Impax Environmental Markets plc
LEI: 213800RAR6ZDJLZDND86
20 July 2023
EUR60m Private Placement debt issue
The Board of Impax Environmental Markets plc (the "Company") is
pleased to announce the successful issue of EUR60m privately placed
notes (the "Notes"), providing the Company with an element of
long-term structural debt as part of its investment strategy.
The Company has agreed to issue the Notes to funds managed by
Pricoa Private Capital (part of PGIM, Inc) in three tranches as
follows:
-- EUR20m maturing on 1 September 2030 with a floating coupon of Euribor + 1.35%;
-- EUR30m maturing on 1 September 2033 with a fixed coupon of 4.48%; and
-- EUR10m maturing on 1 September 2035 with a fixed coupon of 4.63%.
The funding date is expected to be 1 September 2023, subject to
customary closing conditions, with interest payable semi-annually.
The Notes will be unsecured upon issuance and will provide a
combination of fixed and floating rate, long-dated Euro-denominated
financing at pricing that the Company considers attractive in the
current market conditions and should enhance long-term investment
performance.
The proceeds of the Notes will be used to repay drawn debt of
$32.2m and GBP25m provided by The Bank of Nova Scotia, London
Branch which matures on 6 September 2023.
The introduction of the Notes falls within the parameters of the
Company's existing investment policy, and shareholder approval will
therefore not be required for their issue.
Glen Suarez, Chair of the Board, said: "Using structural debt
with the aim of enhancing returns for shareholders is a key
advantage of the investment trust structure. This financing
provides attractive long-term debt capital to be deployed for the
benefit of shareholders for many years to come and comes at a time
when the Board and the Manager believe that portfolio valuation
makes gearing desirable."
Centrus Financial Advisors Limited acted as arranger of the
issue of the Notes.
This announcement is released by Impax Environmental Markets Plc
and contains information that qualified or may have qualified as
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 (MAR). For
the purposes of MAR and the related Implementing Technical
Standards, this announcement is made on behalf of Impax
Environmental Markets Plc by Apex Listed Companies Services (UK)
Limited, Company Secretary
For further information contact:
Centrus Financial Advisors Limited robert.stjohn@centrusadvisors.com
Robert St John 0203 846 5676
Investec Bank plc 020 7597 4952
David Yovichic
Impax Asset Management (AIFM) Limited (the "Manager")
Paul French p.french@impaxam.com
0203 912 3032
Montfort Communications iem@montfort.london
Gay Collins/Lesley Wang 07798 626282
Apex Listed Companies Services
(UK) Limited 020 3327 9720
Company Secretary
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END
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