REG - Impax Environ Mkts - Completion of debt refinancing

Impax Environmental MarketsAnnouncement

07/09/2023 07:00

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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 €60m 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:

·    €20m 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);

·    €30m maturing on 1 September 2033 with a fixed coupon of 4.48%; and

·    €10m 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 £25m 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 £80m
multi currency revolving credit facility ("RCF") with Scotiabank from 6
September 2023. The RCF has an initial committed amount of £35m 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 €40,943,000 (equivalent to £35m) 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

 

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