Impax Environmental Markets PLC - London-based investment trust backing companies offering solutions to environmental challenges - Completes EUR60 million placement of notes with Pricoa Private Capital, part of PGIM Inc, which closed and settled on September 1. Notes consist of three tranches of EUR20 million, EUR30 million and EUR10 million maturing in September 2030, 2033 and 2035, with interest payable semi-annually. Impax has used proceeds to repay EUR32.2 million debt from the Bank of Nova Scotia.
Impax also agrees a new two-year GBP80 million multi-currency revolving credit facility with Bank of Nova Scotia, effective from Wednesday. RCF has an initial committed amount of GBP35 million, and is secured by a floating charge over Impax's assets.
Impax Chair Glen Suarez says this "provides us with an attractive blend of structural longer-term institutional and short term bank debt and comes at a time when...portfolio valuation makes gearing desirable."
Current stock price: 393.12 pence
12-month change: down 8.6%
By Emma Curzon, Alliance News reporter
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Impax Asset Management (IEM)