London, Sept. 3, 2020 – Impax Environmental Markets, a London-listed environmental investment trust, revealed on Thursday that it has successfully issued privately placed notes, raising €60 million ($67.2 million). The proceeds from this issuance will be utilized to repay existing debt and provide additional structural debt.
Notes Issued to Pricoa Private Capital
Impax Environmental Markets has issued three sets of notes to funds managed by Pricoa Private Capital, a subsidiary of PGIM, Inc. These notes have a funding date of September 1 and will bear interest semi-annually. The tranches consist of €20 million, €30 million, and €10 million, with maturity dates in September of 2030, 2033, and 2035 respectively.
Purpose of the Proceeds
The €60 million raised through this issuance will be primarily used to repay existing debt totaling $32.2 million and £25 million ($32.4 million), which was provided by the Bank of Nova Scotia and is due on September 6.
Chair Glen Suarez expressed his positive outlook on the financing, stating that it provides the company with attractive long-term debt capital for the benefit of shareholders. He further emphasized that this financing aligns with the current portfolio valuation and serves as a means of optimizing the company’s leverage.
Impax Environmental Markets’ shares were trading at 416.0 pence as of 0751 GMT, reflecting a modest decline of 0.2% or 1.0 pence.