Refinancing of Sustainability Linked Revolving Credit Facility

JLEN, the listed environmental infrastructure fund, is pleased to announce that it has refinanced a three-year facilities agreement providing for a committed multicurrency revolving credit facility (“RCF”) of £200 million with an uncommitted accordion facility of up to £30 million and an uncommitted option to extend for a further year. Taken together this provides £30 million increased funding capability over the previous facility.

The RCF provides a valuable source of flexible funding, with both Sterling and Euro drawdowns available at a margin of 210bps over SONIA (Sterling Overnight Index Average) for Sterling drawings and Euribor (Euro Interbank Offered Rate) for Euro drawings.

The RCF qualifies as a Sustainability Linked Loan (“SLL”) under the latest Loan Market Association SLL principles. The aim of an SLL is to support sustainable economic activity and growth, with interest rates linked to meeting certain agreed sustainability goals. Therefore, interest charged on the facility is linked to the Company’s Environmental, Social and Governance (“ESG”) performance, with JLEN incurring a 5bps premium or discount to its margin based on performance against defined ESG-linked targets.

Performance against targets is measured annually, with the cost of the RCF being amended in the following financial year.

The lenders under the RCF remain unchanged (HSBC, ING, National Australia Bank, Royal Bank of Scotland International and Clydesdale Bank).

Ed Warner, Chair commented: “I’m delighted that JLEN has secured another three years of stable financing at attractive terms – supporting our capital allocation strategy as part of a number of ongoing measures to ensure that JLEN is as attractive as possible to current and potential investors. We are also pleased to have achieved Sustainability Linked Loan status, demonstrating our ongoing commitment to sustainable infrastructure investment.”

Below is a 2 minute film which outlines JLEN’s unique investment strategy