News

Impax Environmental Markets Announces Issuance of €60 Million Notes

1 Mins read

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.

Strategic Impact

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.

Stock Performance

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.

Related posts
News

The Largest Deal of the Year: BlackRock Acquires TechBerry

1 Mins read
BlackRock is concluding its acquisition of TechBerry, which has already been named one of the largest deals of the year. The substantial…
News

Banking Regulations for Preventing Failures

2 Mins read
Banking regulators have the power to prevent future bank collapses, according to a panel of banking experts who emphasized the importance of…
News

Dave's Strong Q4 Performance

1 Mins read
Shares of Dave surged on Tuesday following the digital bank’s announcement of a profitable fourth quarter earlier than expected, with a positive…

Leave a Reply

Your email address will not be published. Required fields are marked *

+ 42 = 47