Last checked at 2 Jun 2014 10:51
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: +44 1534 505201
email: mmagee@jec.co.uk