John Laing Environmental extends credit facility for a further year – John Laing Environmental Assets, the listed environmental infrastructure fund, 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 GBP130 million and an uncommitted accordion facility of up to GBP60 million with HSBC, NIBC, ING and Santander.
The facility will replace the existing facility and give John Laing Environmental 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, John Laing Environmental 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. John Laing Environmental 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‘
JLEN : John Laing Environmental extends credit facility