Impax Environmental Markets plc announced further to its announcement of 20 July 2023, the board of the company confirm that the ?60 million privately placed notes (the Notes) issued to funds managed by Pricoa Private Capital (part of PGIM, Inc) closed and settled on 1 September 2023. The Notes consist of three tranches as follows: ?20 million maturing on 1 September 2030 with a floating coupon of Euribor + 1.35% (coupon of 5.306% for the initial 6 month period from 1 September to 1 March 2024); ?30 million maturing on 1 September 2033 with a fixed coupon of 4.48%; and ?10 million maturing on 1 September 2035 with a fixed coupon of 4.63%. Interest is payable semi-annually.

The proceeds of the Notes have been used to repay the $32.2 million and £25 million debt provided by The Bank of Nova Scotia, London Branch (Scotiabank) which matured on 6 September 2023. The board is also announced that it has agreed a new two year £80 million multi currency revolving credit facility (RCF) with Scotiabank from 6 September 2023. The RCF has an initial committed amount of £35 million with a floating interest rate priced at the relevant reference rate plus a margin of 1.6%.

The RCF is secured by a floating charge over the assets of the Company and this floating charge has been extended to the Notes, so that the two lenders rank pari passu. An amount of ?40,943,000 (equivalent to £35 million) was drawn down under the RCF on 6 September 2023.