REG - Impax Environ Mkts - EUR 60m Private Placement debt issue

Impax Environmental MarketsAnnouncement

20/07/2023 07:00

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RNS Number : 5743G  Impax Environmental Markets PLC  20 July 2023

Impax Environmental Markets plc

 

LEI: 213800RAR6ZDJLZDND86

 

20 July 2023

 

€60m Private Placement debt issue

 

The Board of Impax Environmental Markets plc (the "Company") is pleased to
announce the successful issue of €60m privately placed notes (the "Notes"),
providing the Company with an element of long-term structural debt as part of
its investment strategy.

 

The Company has agreed to issue the Notes to funds managed by Pricoa Private
Capital (part of PGIM, Inc) in three tranches as follows:

·    €20m maturing on 1 September 2030 with a floating coupon of Euribor
+ 1.35%;

·    €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%.

 

The funding date is expected to be 1 September 2023, subject to customary
closing conditions, with interest payable semi-annually. The Notes will be
unsecured upon issuance and will provide a combination of fixed and floating
rate, long-dated Euro-denominated financing at pricing that the Company
considers attractive in the current market conditions and should enhance
long-term investment performance.

The proceeds of the Notes will be used to repay drawn debt of $32.2m and £25m
provided by The Bank of Nova Scotia, London Branch which matures on 6
September 2023.

The introduction of the Notes falls within the parameters of the Company's
existing investment policy, and shareholder approval will therefore not be
required for their issue.

Glen Suarez, Chair of the Board, said: "Using structural debt with the aim of
enhancing returns for shareholders is a key advantage of the investment trust
structure. This financing provides attractive long-term debt capital to be
deployed for the benefit of shareholders for many years to come and comes at a
time when the Board and the Manager believe that portfolio valuation makes
gearing desirable."

Centrus Financial Advisors Limited acted as arranger of the issue of the
Notes.

This announcement is released by Impax Environmental Markets Plc and contains
information that qualified or may have qualified as inside information for the
purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms
part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018
(MAR). For the purposes of MAR and the related Implementing Technical
Standards, this announcement is made on behalf of Impax Environmental Markets
Plc by Apex Listed Companies Services (UK) Limited, Company Secretary

 

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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