Impax Environmental Markets PLC Completion of debt refinancing (6294L)
07 Septembre 2023 - 8:00AM
UK Regulatory
TIDMIEM
RNS Number : 6294L
Impax Environmental Markets PLC
07 September 2023
Impax Environmental Markets plc
LEI: 213800RAR6ZDJLZDND86
7 September 2023
Completion of debt refinancing
Further to its announcement of 20 July 2023, the Board of Impax
Environmental Markets plc (the "Company") is pleased to confirm
that the EUR60m privately placed notes (the "Notes") issued to
funds managed by Pricoa Private Capital (part of PGIM, Inc) closed
and settled on 1 September 2023. The Notes consist of three
tranches as follows:
-- EUR20m maturing on 1 September 2030 with a floating coupon of
Euribor + 1.35% (coupon of 5.306% for the initial 6 month period
from 1 September to 1 March 2024);
-- 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%.
Interest is payable semi-annually. The proceeds of the Notes
have been used to repay the $32.2m and GBP25m debt provided by The
Bank of Nova Scotia, London Branch ("Scotiabank") which matured on
6 September 2023.
The Board is also pleased to announce that it has agreed a new
two year GBP80m multi currency revolving credit facility ("RCF")
with Scotiabank from 6 September 2023. The RCF has an initial
committed amount of GBP35m with a floating interest rate priced at
the relevant reference rate plus a margin of 1.6%. The RCF is
secured by a floating charge over the assets of the Company and
this floating charge has been extended to the Notes, so that the
two lenders rank pari passu. An amount of EUR40,943,000 (equivalent
to GBP35m) was drawn down under the RCF on 6 September 2023.
This completes the Company's planned debt financing
arrangements.
Glen Suarez, Chair of the Board, said: "The completion of the
bank facility refinancing and the new Notes provides us with an
attractive blend of structural longer-term institutional and short
term bank debt and comes at a time when the Board and the Manager
believe that portfolio valuation makes gearing desirable. This
combination of debt capital serves to increase gearing to c.7.5%
(from 4.5% at 31 August 2023) and provides the Company with
additional flexibility to act in the long term interests of its
shareholders."
Centrus Financial Advisors Limited acted as adviser on the
refinancing.
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCUPUBGBUPWGMQ
(END) Dow Jones Newswires
September 07, 2023 02:00 ET (06:00 GMT)
Impax Environmental Mark... (LSE:IEM)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Impax Environmental Mark... (LSE:IEM)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024