Last checked at 
19 Jun 2017 07:00
19 June 2017
JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED
("JLEN" or the "Company")
Extension to Credit Facility
JLEN, the listed environmental infrastructure fund, is pleased to announce that it has signed a new three-year (with an uncommitted option to extend for a further year) facilities agreement which provides for a committed revolving credit facility of £130 million and an uncommitted accordion facility of up to £60 million with HSBC, NIBC, ING and Santander.
The facility will replace the existing facility and give JLEN an increased source of flexible funding outside of equity raisings at a lower cost. It will be used to make future acquisitions of environmental infrastructure projects to add to its current portfolio of wind, solar, waste and waste water processing assets, as well as covering any working capital requirements.
The facility margin will be 200 to 225 bps (depending on the loan-to-value ratio for the Fund) over LIBOR. Under its Investment Policy, JLEN may borrow up to 30% of its net asset value.
Richard Morse, Chairman, commented:
'This new larger lower cost facility provides the Fund with more capacity to move into its next phase of growth. JLEN is looking forward to continuing the existing relationship that it has with HSBC and NIBC and to developing new long term relationships with ING and Santander'
For further details contact:
John Laing Capital Management Limited 020 7901 3559
David Hardy
Chris Tanner
Winterflood Investment Trusts 020 3100 0000
Joe Winkley
Neil Langford
Redleaf Polhill 020 7382 4769
Charlie Geller
Harriet Lynch
About JLEN
JLEN's investment policy is to invest in environmental infrastructure projects that have the benefit of long-term, predictable, wholly or partially inflation-linked cash flows supported by long-term contracts or stable regulatory frameworks.
Environmental Infrastructure is defined by the Company as infrastructure projects that utilise natural or waste resources or support more environmentally-friendly approaches to economic activity. This could involve the generation of renewable energy (including solar, wind, hydropower and biomass technologies), the supply and treatment of water, the treatment and processing of waste, and projects that promote energy efficiency.
Further details of the Company can be found on its website www.jlen.com