JLEN, the listed environmental infrastructure fund, announced that it has signed a new three-year facilities agreement that provides for a committed multicurrency revolving credit facility of GBP170 million (US$241.11 million) and an uncommitted accordion facility of up to GBP30 million (US$42.54 million).
The agreement includes an uncommitted option to extend for a further year and will be used to make future acquisitions of environmental infrastructure projects to add to JLEN's current portfolio, as well as cover any working capital requirements.
The interest charged in respect of the renewed RCF is linked to the Company's ESG performance, with JLEN incurring a premium or discount to its margin and commitment fee based on performance against defined targets. Those targets include:
Lenders to the facility include three of the four existing lenders (HSBC, ING, and NIBC) plus two new lenders (National Australia Bank and Royal Bank of Scotland International). The margin can vary between 195bps and 205bps over SONIA ('Sterling Overnight Index Average') for Sterling drawings and EURIBOR for Euro drawings, depending on performance against the ESG targets.